Co-op Bank raise credit card charges

The Co-op Bank has raised charges on its credit cards for both new and existing customers.

The cash withdrawal fee for all cards has risen from 2% and a minimum of £2 to 2.5% and a minimum £2.50. Furthermore customers with the Platinum Base Rate Tracker card will have to pay a £2 monthly fee.

This move follows hot on the heels of the Co-op Bank receiving rave reviews for lowering late payment charges to £11, however their critics claim this is their way of trying to recover the money lost in the offer.

The annual percentage rate has also been increased on their variable rate Infinity cards by 1%. This brings the current rates to: the Standard card-18.9%, the Gold card 16.9 per cent, and the Platinum Advantage 14.9 per cent.

A researcher from Moneyfacts comments that whilst Co-op did well to reduce their default payments, they are now however charging more of their customers in their attempt to retrieve some of their losses, and this is affecting ones who pay on time.