During the last two months the credit card market has seen 125 fee and rate increases, according to a new report.
Moneyfacts.co.uk claimed that charges for services such as cash withdrawals and foreign usage fees have risen on a number of credit cards.
Esther James, credit card analyst at Moneyfacts.co.uk, said that the recent credit crunch has resulted in "credit card chaos" and that the number of fee and rate increases was "staggering".
"With the majority of increases staying away from the headline purchase rates, these fee and rate increases are less in the public view and often tucked away in lengthy terms and conditions," she remarked.
However, such changes can increase the cost of using credit cards significantly, she added.
In related news, MoneyExpert recently reported that approximately 3.27 million people had their credit card applications rejected over the last six months.
Sean Gardner, chief executive of the firm, said that it was "no surprise" that lenders were becoming stricter.
News Side
Credit crunch causes "credit card chaos"
Tue, 06 Nov 2007
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