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Credit Card Claim: Cards 'have ambiguous interest rates'

Ambiguous credit card fees could mean UK consumers are paying more interest on their purchases than they realise.

According to research from Moneysupermarket.com, all of the UK's major credit card providers are treating online gambling deposits as a cash advance. These transactions traditionally include ATM withdrawals and are charged at a higher rate of interest than other transactions.

More people are being exposed to these high interest rates due to the increased popularity of online gambling, said Kevin Mountford, head of banking at the price comparison website.

"It's perhaps not widely known that any kind or money transfer or travel money purchase made on a credit card is charged in the same way as a cash advance," he added.

Interest rates on cash advances in the UK are as high as 27.95 per cent.

This follows research from the site that found the average person in the UK pays off £322 of non-mortgaged debt each month.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-800736650-ADNFCR



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