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Credit card charges: People still seeking cards with high limits, expert claims

Brits may be incurring credit card charges because there is still a culture of consumers going after cards with high limits.

Such is the opinion of Justin Modray of candidmoney.com, a website offering impartial advice on how to better understand their money.

According to Mr Modray, people are going for these types of credit cards instead of seeking out those that offer the best rates of interest.

He said: "I worry there’s still a culture of chasing cards with high credit limits rather than a decent rate of interest.

"But fortunately there are some attractive credit card deals around and the Internet makes it easier than ever to find them. Price comparison websites are often a good starting point."

Recent research by price comparison website moneysupermarket.com, Brits are wasting £2.3 billion in credit card interest every year.

It found that 46 per cent of Brits do not pay off their credit card balance in full at the end of every month.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
 ADNFCR-2776-ID-800426006-ADNFCR



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