As if they don’t get enough cash from us anyway! Credit card providers are introducing sneaky extra fees to craftily get more profit from customers.
The two big wheezes are dormancy fees and charges for foreign exchange. For example, it’s been revealed that Santander is charging all store card customers a £10 fee if they do not use their cards for six months. Customers with House of Fraser, Debenhams, Laura Ashley, Topshop and Dorothy Perkins that only used their card for the introductory offer could all be hit. Financial bigwigs advise that you should take full advantage of any introductory offer, then pay your bill, cut up your card and cancel it.
Tesco have begun to introduce their own exchange rate for credit-card customers. Most providers use the Visa and MasterCard exchange rates, but Tesco are to charge more than this, as well as a 2.75% foreign-exchange fee. So this week £1 bought €1.195 with Visa but €1.164 with Tesco. As the slogan goes, every little helps, so best to give the mighty T a big thumbs down and beware of other providers doing the same.