Which Companies Have Raised Their Fees?

Which Companies Have Raised Their Fees?

Wednesday 29th August 2007

The consumer association Which have released a report this week which suggests that credit card companies continue to come up with new and ingenious methods to keep their profits high.

Last year, The Office of Fair Trading ordered credit card companies to cut their default fees to a maximum of £12 leading to a fall in profits for firms. In order to recoup the money lost firms have introduced new a total of 10 new fees including the low usage premium.

Credit card companies have reacted to the Which report by claiming that they are doing nothing wrong. "We always said that charges would change as a result of the OFT ruling," said Sandra Quinn of the UK payments association Apacs.

The Office of Fair Trading also announced last year that credit card statements were to be made clearer and it is advisable to read your statement carefully to ensure there are no charges you could avoid.