A financing expert has warned credit card holders that they may not be getting value for money if their credit card provider charges an annual fee.
Michelle Slade, personal finance analyst at financing portal Moneyfacts.co.uk, has made the claim after noting that yearly fees for credit card usage can vary from £24 to £275 in the most extreme cases.
However, despite the price differential, Ms Slade has argued that "there seems to be little difference in the benefits offered" by all of the charge-based credit cards.
"Don't think that just because you are paying for your card, you are getting anything exclusive in return," she asserted.
As an alternative, Ms Slade has suggested that prospective credit card applicants consider looking beyond credit card deals with annual fees attached since "most credit cards are free and some offer very competitive deals".
Recently, financial services provider Barclaycard shook up the credit card market with the launch of a new eco-friendly deal.
Consumers who arrange a Breathe credit card have been assured that the financial services provider will donate 50 per cent of all profits to global environmental causes.
News Side
Annual credit card fees questioned by financing analyst
Thu, 31 May 2007
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