Credit card charges have seriously pushed up the cost of withdrawing cash over the past year, despite the Bank of England base rate falling to an all-time low.
The average interest on a credit card cash withdrawal is 25.4%, with some lenders charging borrowers £5 a time. This means that if you were to take out £10 at an ATM on their credit card, it’d be like withdrawing £15 except you don’t get the extra £5!
The worst culprets are Easyjet, Shell, Egg, Ultima and bmibaby who all issue credit card charges of £5 for cash withdrawals. But they’re not all trying to screw us, the Co-op and First Trust Bank offer credit cards without withdrawal fees, you still pay the interest on the debt though.
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