More than 125 separate credit card charges and rates have been increased in the last two months according to recent research.

More than 125 separate credit card charges and rates have been increased in the last two months according to recent research.

The report by financial information provider moneyfacts.co.uk, shows that 69 different providers had increased the amount they charged for taking out cash, with many now levying three per cent of the amount withdrawn.

There were also higher interest rates applied on cash withdrawals than earlier this year, and three have increased their headline purchase rate, despite no change in the Bank of England base rate, since July.

Those guilty of increasing charges included American Express, Goldfish and Marks & Spencer, along with Co-op bank whose customers saw the largest jump in the cost of cash withdrawals up nine per cent from 14.9 to 23.9 per cent.

Esther James, credit card analyst at Moneyfacts.co.uk. says: “It seems as if the credit crunch is beginning to cause credit card chaos.With the majority of increases staying away from the headline purchase rates, these fee and rate increases are less in the public view, and often tucked away in lengthy terms and conditions.”

Chiltern’s Joanne Gill says: ” The recent climate is obviously affecting lenders, but it is the borrower who ultimately pays in the end.

“These changes can make big difference to the cost of using credit cards, and could be the difference between a customer being able to afford their repayments or not.

“If consumers are struggling with their finances, I’d recommend using the credit facility with the lowest interest rate to avoid any unnecessary extra charges. If it’s then difficult to maintain commitments it’s best to seek impartial and independent advice – the sooner the better.”