Check out as your credit card provider might be imposing stealth charges in order to compensate for money lost on credit card fees. As per a research it has been found out that credit card industry which used to churn around £679 million in penalty charges every year witnessed a drop in the figure to £379 million as the Office of Fair Trading regarded these charges as unfair
In order to recover their revenues, companies are resorting to stealth charges to recover the £300 million they made with credit card fees and now these charges are coming in the form of increased cash interest rates, increased balance transfer fees and change in the order of repayments.
The trauma is still not over for customers and they should still be very careful while choosing a credit card.
