Credit card charges could be increased by banks

Over the past eight months the base interest rate in the UK has remained at an all time low of just 0.5 percent, with the Bank of England announcing only last week that the base rate was to remain at this record low for yet another month. Read more

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Avoid late payment fees on credit cards with direct debits

As most people know the fees and charges that credit card firms impose for late and missed repayments can quickly add up, costing a small fortune. Whilst credit card companies have had to cap these fees at a maximum £12 for the last few years they fees can amount to a tidy sum over time.

Given that many people make late repayments from time to time or even miss repayments altogether credit card companies are able to make a fortune from these fees.

Industry officials are now advising consumers to try and avoid paying these fees by ensuring that their payment is made every month and in time.

Whilst this is not always easy given the fast pace of life that many of us have to cope with there are ways to ensure that your payment is never missed or late, thus avoiding the hefty fees that can otherwise be applied to your account.

Consumers who set up a standing order or direct debit to have their credit card repayments made each month do not run the risk of missing repayments or making late payments, and therefore do not have to worry about being charged because of this.

Customers are advised to set up a payment for at least the minimum amount to come out, although those that pay in full each month can make arrangements for the full bill to be paid each month.

One consumer stated: “I used to miss credit card repayments on a regular basis, and because of this I used to spend a fortune in charges alone, which was a complete waste of money. However, not that I have made arrangements with my bank I know the money will go our automatically and in time, so I have no need to worry now.”

Tags: industry officials, Direct debit, fees, late payment fees, credit card late payments, credit card charges, standing

AMEX increases rates for late payers

Credit card giant American Express has recently announced that cardholders that make late repayments on their credit card, or those that miss repayments, will be penalised with higher interest rates. Read more

Tags: credit card charges, economics, american express credit cards, Credit Cards, payments, american express, interest rate, late payments