Consumers becoming aware of credit card charges

Consumers are becoming increasingly aware of the issues surrounding credit card charges, according to an industry body.

UK payments association Apacs said that people are in particular beginning to appreciate that they can save money by making cash withdrawals on their debit card rather than their credit card

Research conducted by the body found that the total amount of cash withdrawn from ATMs by credit card fell by ten per cent – from £9.17 billion to £8.22 billion – between 2005 and 2006.

During the same period, cash withdrawals using debit cards rose ten per cent, from £141.8 billion to £156.2 billion.

Apacs spokesman Mark Bowerman said: “This suggests that customers do understand that taking cash from cash machines with their credit cards
will generally cost them more, so they prefer to use their debit cards where they can.”

In related news, personal finance website This Is Money has accused Barclays of not complying with Financial Services Authority regulations on personal loans.

© Adfero Ltd

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