This is some text prior to the author information. You can change this text from the admin section of WP-Gravatar To change this standard text, you have to enter some information about your self in the Dashboard -> Users -> Your Profile box. Read more from this author
The Office of Fair Trading has announced it will make credit card companies lower their charges by as much as 40%. It’s about time! Amazingly, it took an 18 month investigation, costing who knows how much for the OFT to deem current credit card charges unfair.
And ‘unfair’ doesn’t really to it justice – here’s a list of the late payment charges for some of the largest credit card companies:
Barclaycard – £20
Lloyds TSB – £20
HSBC – £20
Halifax – a whopping £25
These late payment charges affect all those that miss a payment deadline, exceed a credit limit or have a payment bounce.
Of course the banks have been defending these extortionate charges. A Barclaycard spokesman said: ‘We believe that it is fair that when people break the terms of their agreement with us, we recover the cost.’
Although many critics said that even the reduced bank charges are too high compared to the minor costs incurred by the banks when customers miss payment deadlines.
Eddy Weatherill, from the Independent Banking Advisory Service, said: ‘Every time a person gets into a problem with their bank, they are repeatedly whacked with huge charges. Late payment charges are the tip of the iceberg of a long list of penalties banks impose on their customers, from charges for unauthorised overdrafts and mis-sold PPI to costs for transferring money to overseas accounts’.
No related posts.