Credit card companies are in the press again for the charges they implement. Raising interest rates retrospectively has been deemed inappropriate by some financial commentators. The only limiting factor on credit card interest rates is competition and this helps some companies keep their rates lower. Credit cards can be useful, for example when abroad, when the amount is not repaid you may find that charges will add up.

Credit Card Fee's are Rising

Compare this to payday loans companies who charge £25 per £100. You borrow an amount and then have a set amount to repay. This often works out cheaper than banks who slap massive fees on unauthorised overdraft charges and credit card companies who will put massive charges on unpaid monthly bills. Payday Loans are different to credit cards and will get you cash quickly, but they, like credit cards will still need to be paid off so ensure that you only borrow what you can afford to pay back.

Banks are also starting to implement charges onto there loyal customers – the craze for claiming back bank fees has recinded as recent legislation outlines that this will no longer be possible. Banks are therefore no longer able to offer what some have called free banking; however, the recent record profits that Barclays have published (£9 Billion) means that they really do not have to implement any other additional fees!

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