16 March 2005
Consumers in the UK are being increasingly caught out by hidden fees appreciating the costs of zero per cent credit cards, new figures have shown.
Small print clauses not clarified by credit card suppliers have long been a cause for concern but groups are now believed to be lobbying for the situation to once again be readdressed.
The latest wave has seen an influx of initial fines ranging from £15 to £25 which due to additional late payment fees, over-the-limit fees and excess interest charges have cost consumers in excess of £100 for marginally missed payments.
"Most of the time, consumers become aware of these massive additional fees only after they have been penalised," commented Nick White, head of personal finance at uSwitch.
"Consumers must take the time to research their choice of credit card provider and check any relevant small print, as there is often a huge difference between the best and worst credit cards when it comes to hidden charges."
Financial advisers are recommending borrowers should scour financial comparison websites to compare the best credit card deals.
Which is the right credit card for you? Find out now by comparing cards with uSwitch.com's free and impartial service.
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