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Credit card companies are sneaky. Just when you thought they were tamed by the Office of Fair Trading who forced them to reduce their default fees, we learn today that card issuers are increasing their charges in other ways, according to a report by Which.

One of the main ways that credit card companies are increasing their charges is with balance transfers. Transferring your balance from one card to another (the so called rate tarts) used to be a great way of juggling your debts without incurring transfer fees and enjoying long interest free periods.

Not any longer. Some credit card companies, such as LloydsTSB, for example, will now charge you up to 3 percent of the balance transferred to them. This means if you transfer £5,000, you may now incur a transfer fee of £150.

There are less obvious charges to be wary of too. Inactivity charges are perhaps the worst. You may even be charged £35 per year for not using your card. So if you manage your money well and only have a credit card for occasional or emergency use, then you better chose your credit card carefully.

I personally dislike credit card cheques and the way that they are marketed. Charges for these are rising too, so be careful if you feel tempted to pay with one of these. Barclaycard, for example charge 2.5% fees for credit card cheques.

I understand that credit card companies aren’t charities and need to make a profit, but it seems that we all need to be aware of, and consider carefully, any charges that may not be obvious at first glance.

Credit card suppliers operate in a highly regulated industry and have to state what charges and fees you will incur, however if you have followed some of the links in this post, you will see that only careful reading will prevent any nasty surprises when you receive your monthly statement.