Anorak | Credit Where Credit Is Due: The ATM Rip-Off

Credit Where Credit Is Due: The ATM Rip-Off

by | 5th, June 2007

atmfraud.jpg STOP right there! Step away from the ATM machine and put your credit card back in your wallet. That’s what consumer experts are now telling us to do, albeit in a far less dramatic and silly fashion.

The advice follows new research which highlights the spiralling costs of withdrawing money from a cash point with a credit card.

The average annual percentage rate (APR) for withdrawing money with a credit card now stands at 23.48%, up a whole 2% from last November. Some greedy companies are even charging customers with poor credit ratings in excess of 46%.

Marc Gander, of the Consumer Action Group , is frustrated at the lack of transparency surrounding credit card charges. Says he: “There is no doubt

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Posted: 5th, June 2007 | In: Money Comments (2) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink