Two of the big credit card operators have taken changes in the banking rules as a chance to increase card charges.

M&S Money and First Direct, who incidentally, are both owned by HSBC Bank, have timed their higher charges to coincide with the changes imposed by the new European rules on banking. As from 1st November, First Direct’s fees for cash withdrawals increase from 2.5% to 2.99% - in effect that’s an increase of 20%.

The changes M&S imposed took affect on the 1st of this month. Two changes are involved, the fee for buying in a foreign currency increases from 2.75% to 2.99% and the fee for transferring balances increases from 2% to 2.9%.

These increases may not be ground shaking events but they represent the thin end of the wedge for customers who will inevitable see a steady increase across the board in credit card charges.