Moneyexpert.com: Credit card firms cash in on ATM withdrawals
www.moneynews.co.uk > Moneyexpert.com: Credit card firms cash in on ATM withdrawals
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Money News |
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Moneyexpert.com: Credit card firms cash in on ATM withdrawals
Tue 22nd Jul 2008
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The website says the average APR charged to customers who borrow cash without clearing the balance has risen from 21.27 per cent in November 2006 to 23.7 per cent in June 2007 to 25.3 per cent currently.
According to the research, two out of three credit cards charge more than the market average APR for cash withdrawal.
The most expensive one charges 46.19 per cent.
Sean Gardner, director of MoneyExpert.com, said that an ATM withdrawal for cash on credit is "one of the most expensive forms of borrowing around".
The number of people applying for credit cards and loans through the UK's biggest network of consumer loyalty websites has dropped eight per cent in the last quarter.
Analysis of half a million consumers on the froggybank.co.uk cashback network revealed the data, comparing the April to June 2008 figures to the same period last year.
Nadeem Azam, marketing manager at froggybank.co.uk, said consumers are "really feeling the pain in their purses".
