|
This April will mark a year since the Office of Fair Trading (OFT) forced providers to reduce their fines for late or missing credit card payments from £20 plus to £12. But whether ot not this amounts to a 'victory' for the consumer, is questionable. Since then credit card companies have been sneakily introducing new credit card fees and increases to rates in a bid to recoup around £1bn in lost revenues. "It's important to review your credit card regularly to ensure you're getting the best deal," says Lisa Taylor, of financial data compiler Moneyfacts. "When your provider sends through revised terms and conditions take time to read the changes, as there is every chance your credit is costing you more." Balance transfer offers, for example, are not as attractive as they once were. Many of the longest interest-free deals charge a fee of around 3% of the amount transferred, which adds up to around £55.77 on the average credit card debt of £1,859. Most fees on the market are uncapped. The longest 0% balance transfer offer at 15 months comes from Virgin Money, with a 2.98% transfer fee. Egg (with a 3% fee) is interest-free on transfers until April 1, 2009.
| 
.png)