A report from the consumer group Which? has highlighted some of the ways credit card providers are aiming to increase their revenues.
Which? describes the methods used by financial service firms to raise revenues, including low usage fees and unclear interest rate calculations, as “ingenious”, but warns that consumers could find themselves struggling to deal with their credit card debt as a result.
The recent report claims that credit card companies are adjusting the ways they make money following an Office of Fair Trading (OFT) ruling, which limits the penalty fees they are able to levy to £12.
Martyn Hocking, editor of Which? Money, commented: “Credit card providers seem to be resorting to a raft of ingenious methods to recoup lost revenue following the OFT crackdown on penalty fees.
“To avoid being stung, opt for a Which? Money Best Buy credit card and always check the small print to make sure you know what charges apply.”
Earlier this year, research by the UK payments association Apacs revealed that half of all British credit card users do not thoroughly read through their statements.