Credit card cash withdrawal ‘inadvisable’
Article Category: Debt Management Help and Advice
People may face debt problems over Christmas if they fail to use credit cards sensibly, it has been claimed.
Head of personal finance at price comparison website Moneyfacts Samantha Owens said that it is all too easy for consumers to spend on their credit card over Christmas without considering the consequences for debt management.
Ms Owens advised against withdrawing money from a credit card when in a shop that does not accept them as payment, reminding consumers that the rates of interest charged for this action tend to be higher than usual.
"If you do need to pay by cash, find another method - use your current account, don’t take it out on a credit card," she said.
Figures release by Moneyfacts earlier this month showed that 69 credit card deals had been subjected to cash withdrawal fee hikes over the preceding two months, while 25 credit cards faced higher rates for cash withdrawal.
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