Consumers should avoid cash offers from credit card firms

Consumers are being warned to steer clear of offers from credit card firms that are offering instant cash, as all this appears to be is a ploy to get consumers to withdraw cash on their credit card, which in turn will generate increased profits for the credit card firms. A number of consumers have received mailings from their credit card providers offering the chance to take out instance cash.

Industry officials have said that some credit card firms are taking advantage of the fact that many consumers have little disposable income available due to the financial strains on family finances, and many can quickly be tempted into taking out cash using their credit cards with a little persuasion.

However, what the credit card firms fail to make a big deal about is that fact that consumers will be charged hefty cash withdrawal fees and hefty amounts of interest on the money that they withdraw, which means that they will be paying through the nose in the long run.

Some credit card firms have even raised the limits on the amount of cash that can be withdrawn from the cash point using a credit card, which could end up costing a fortune in the long run.