BGN Entrepreneur

In spite of the plummeting Bank of England base rate, over the past year, the credit card companies have still pushed up the fees of cash withdrawal. Now, even though the bank rate has fallen from 5% to 0.5%, cash withdrawals on a credit card attract average interest of 25.4%, which is up from 25% in April 2008.
According to a latest online report, the companies are also pushing up withdrawal costs, with some stinging borrowers for £5 per time. A borrower taking £10 out of a cash machine on their credit card will pay 50% for the privilege with some companies now. and these charges also apply to cash withdrawn from a foreign ATM.
The debt is not only charged at a higher rate to purchases, but also on small transactions. As a result, the borrowers really should stop taking out cash on their credit card.

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