RESEARCH: Credit cards make big bucks off ATM withdrawals

RESEARCH: Credit cards make big bucks off ATM withdrawals
Tags: Debit / Credit, North America, Other, Transaction Processing, Trends / Statistics
July 23, 2008

Easier Finance: Credit-card firms are cashing in on customers who use their plastic to take out cash from an ATM, according to new analysis by MoneyExpert.com. The independent financial comparison Web site says the average annual percentage rate charged to customers who borrow cash and do not clear the balance has continually risen since November 2006, up from 21.27 percent to 23.7 percent in June 2007, and now hitting 25.3 percent. MoneyExpert.com found that two out of three credit cards (65 percent) still charge more than the market average APR for taking out cash.

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