Warning issued over credit card switching fees

MoneyExpert.com has warned UK consumers that they could face significantly high fees for switching their credit card debts from one provider to another.

According to the price comparison firm, the numbers of deals that allow consumers to switch their providers without facing sizable charges are “dwindling dramatically”.

Many people aim to reduce the scale of their debt management problems by changing credit card company but in many cases the process can ultimately prove to be more expensive than sticking with the same firm, MoneyExpert.com maintains.

Furthermore, with a UK consumer switching providers every two seconds, there could be a lot of people facing balance transfer fees they did not expect to be so high.

“Consumers looking to move credit card provider will be in for a nasty shock if they don’t choose a card with a capped balance transfer fee,” said MoneyExpert.com’s chief executive Sean Gardener.

Last week, the financial comparison firm claimed that millions of British consumers have been adding to their personal debts in recent months.