Credit card companies have raised the interest rates on their cards this summer. This move will catch out hundreds of people who have paid for their summer holiday on their credit cards. A number of the big name banks have increased rates by around two percent, although some have pushed the rate increase even higher.

One of the worse cards has now increased its interest rates for purchases to 24.9% whilst the majority of other cards are now charging rates between 13.9 % to 17.9. %. In addition interest rates and charges for cash withdrawals on credit cards have also increased.

Typically people only tend to withdraw money on their credit card when they are abroad; meaning that this year’s holiday could be a very expensive affair.