For many of us the decrease in interest rates has been a benefit to our finances, but as a nation have totted up a staggering €214 million in cash withdrawal charges when we’ve reached for our trusty credit cards.
Yes, surprisingly that bit of plastic we couldn’t live without has been hitting us harder than we might have realised. However, in intriguing findings from Totally Money, it would seem that it is men that are more likely to fall prey to these problems than women.
When a closer look is taken at the latest infographic to detail all these financial changes, it is astonishing that only 18% of women are likely to take cash out on their credit cards, whereas men are at 23%. So what is it that’s actually producing these differences between the sexes?
First and foremost, it is the understanding that both have of the charges that credit card withdrawals will occur. On average, men are 1.4 times more likely to take out cash on credit rather than use their card to make a purchase because they perceive the former option to be cheaper. Moreover, the male population are 1.6 times more likely to rely on credit withdrawals rather than debit ones because they believe the charges to be greater when using your debit card.
According to the figures, 25% of us are completely unaware of the charges that we incur when we make a credit card cash withdrawal. Furthermore, the majority of us are unaware that the cash withdrawal fee of €3.34 has in fact increased by 53c since 2010, a small but significant change that will burn a hole in our pocket without us noticing.
The actual reasons for why there is a such a clear and definitive difference between the two groups is hard to say, however, what is clear is that more of the public need to be aware of what’s going on, and how to shop around for better credit card deals. Luckily, while there is no ‘cure’ for credit cash withdrawals, Totally Money can help you to compare a wide range of credit cards so that you can decide which is right for you. They can also help you to select a credit card that is better suited to continuous cash withdrawals, such as the Halifax Clarity Card, which delivers you an APR of 12.9%, a significantly lower percentage than the industry average
