‘Tis the season to be jolly – and Christmas usually means spending more than you’d like to. If you’re finding your cash is spending even less time in your wallet than usual, it can be hard to resist the urge to turn to the credit card at Christmas for a little light relief.
Using your credit card to take out cash is tempting but can also be horrendously expensive.
If you think you’ll need more cash than usual at this time of year, don’t be surprised if you’re hit for six by the high costs. MoneyExpert.com reveals how to keep costs to a minimum and still enjoy the festive period.
So what makes withdrawing cash expensive?
Credit card providers rarely let you borrow money for free. Your current debt and purchases may be covered by a zero per cent deal, but that won’t last forever and one day you’ll be charged for borrowing money on your credit card.
The difference is that you don’t get the same leeway with credit card cash withdrawals. If you want to borrow cash on your credit card you’ll have to pay – and in most cases, you’ll pay dearly.
All this means that...
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