Christmas credit card shoppers urged ’spend sensibly’
December 4, 2007 by admin
Filed under News, News-Credit-Cards
Shoppers using their credit cards to fund purchases over the festive season are advised to be cautious.
Samantha Owens, head of personal finance at Moneyfacts said that consumers should consider taking out a nought per cent purchase card if they do not have the means to pay of their balance straight away.
Meanwhile, she said, shoppers should avoid withdrawing cash on their credit cards as this will make them subject to hefty rates, adding that buying gift vouchers can sometimes count as a cash withdrawal.
“People should check with their credit card provider, because there aren’t any hard and fast rules about what is considered cash. Foreign currency, gambling and gift vouchers, some [lenders] do consider to be cash.”
She continued, saying that if shopping online and using a card, transactions will always be regarded as purchases.
Earlier this month Moneyfacts revealed that there had be 125 increases on various credit card rates and fees, with 69 cards increasing fees for cash withdrawals.
