Charges to withdraw cash with a credit card are on the increase, it has been revealed.
New findings from uSwitch.com show users of the Egg credit card should use it with caution, as the minimum fee looks set to increase by £2 or three per cent – whichever is greater.
Louise Bond, personal finance manager at the website, says: "We strongly advise customers not to use this facility on any credit card unless they are really desperate for the cash.
"Interest is applied to credit card cash withdrawals from the day they are made and the APR is generally far higher than that applied to purchases."
Over the last two years, uSwitch.com reports that the per annum rate applied to cash withdrawals has risen by 3.05 per cent, with fees varying across providers.
In the instance of Egg, the interest rate will apply to the debt on the credit card from the day on which the withdrawal is made.
Earlier this week, Lord Oakeshott from the Liberal Democrats said that credit card providers must stop "spanking" their customers.