- 15
- Mar
Consumers who barely use their credit cards claim they are prepared to cancel their account if their provider charges them for not using the service, it has been revealed.
Figures released by moneysupermarket.com suggest some 73 per cent of people with inactive credit cards plan to close their ‘dormant’ accounts if their supplier charges them for being inactive.
Meanwhile, about 26 per cent claim they would switch providers to avoid paying fees, with less than one per cent of consumers stating they would start spending again.
Head of credit cards Rob Kenley said: "Consumers, with the help of regulatory bodies, are really getting tough when it comes to their finances.
"The revolt against existing charges applied to other products within a typical financial portfolio is apparent enough, but as credit card providers plan to introduce new fees, it’s clear how people plan to respond."
A report by Datamonitor revealed 98 per cent of financial services branch managers believe more consumers are looking for competitive deals on products such as credit cards and personal loans, reports Reuters.
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