£35 fee for ‘low credit usage’ may not be one-off
The decision by Lloyds to charge customers for not using their credit card may not be a one-off, according to a consumer utilities organisation.
While only one per cent of people will incur the costs, the bank has not revealed how it will select who is applicable, according to uSwitch.
However, as the money institution holds a 7.3 per cent market share in the UK, around 51,000 people will be charged a total of £1.79 million in the next month, it added.
Nick White, director of financial services at the price comparison website, commented that the bank's initiative is simply in place to make money out of people who are not currently giving them enough.
"The fact that this charge is being implemented without being open and transparent about what customers it will affect indicates that they might just be picking out customers that do not make enough money for them," he said.
Last year, the amount of credit card debt fell due to an increased number of consolidation loans, according to Euromonitor.
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