Credit card providers are pushing through increases in charges and interest rates, further putting the squeeze on financially strapped consumers.

According to research by website moneyfacts.co.uk, the last two months have seen a substantial change in the behaviour of credit card providers, with many quietly making increases. Across the UK market, 19 providers have increased purchase rates, eight have increased cash withdrawal fees, and five have increased balance transfer fees.

“Credit card companies usually tend to shy away from increasing the purchase rate as this is the headline rate all consumers will look at when selecting a new card,” said Michelle Slade, analyst at Moneyfacts. “Many card companies have preferred instead to increase the rates and charges that many consumers may take little notice of when selecting a card.”

“The Nectar Amex card from American Express has seen a 3% increase in the purchase rate. If a consumer had £3,000 on the card and repaid just the minimum, they would now have to pay an additional £1,073 more than they would have before.”

Two lenders have also decreased the minimum payment required each month, which further lengthens the period a debt can be outstanding.

Some of the recent changes could perhaps be justified by lenders’ increased risk and cost control as a result of the credit crunch,” added Michelle. “Others, such as reducing the minimum repayment, could just be seen as squeezing more profit from those who are already feeling the pinch. With reports showing more and more consumers using their credit cards to keep their heads above water, these increases will be a big blow.