As the UK credit card industry comes under more and more pressure from the UK authorities a number of so-called "sharp" practices have been identified by consumer groups. Aside from the fact that many credit cards have various charges attached which can add up over the year, there are a number of other elements of credit card practice which consumers need to be aware of.

While it is common knowledge that withdrawing cash from your credit card attracts a significantly higher rate of interest, around 27% compared to 18% for traditional credit card use, many people will not be aware that "cheaper" credit card debt is paid off first. This means that money withdrawn on your credit card will attract 27% interest, in this example, until it is paid off in full. When you consider that more and more people in the UK are desperate for liquidity to get by on a daily basis, the situation has reached crisis point for many.

Even though every charge on your credit card will be detailed in the small print of your services agreement, the vast majority of people in the UK never read these agreements and may not be aware of the processes and costs associated with them.

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