Credit card consumer slower to act on reclaiming unfair fees
Recent data has shown that credit card consumers are slower to act when it comes to reclaiming unfair fees than bank account customers, even though they could find themselves due for a hefty refund in some cases due to unfair charges imposed by the credit card issuers. Many bank account holders have contacted their banks with regards to unlawful charges that were applied to the account over the past six years, and many have claimed thousands in refunds.
 Credit card charges work along the same lines, although there is a variation between that the credit cards can lawfully charge for compared to what banks can charge. Consumers that have a credit card account and have had to deal with charges being imposed are advised to contact their credit card company and request duplicate statements for the past sic years or a list of charges along with what the charges were for.
Once received consumers can go through the statements and charges, and list any that they deem as unfair. Consumers should then contact the credit card company in writing in order to request a refund on the charges. In the same way as with banks, consumers can threaten credit card companies with court action if they refuse to repay the charges without justification.
Consumers may find that they incur a charge from the credit card company in order to obtain the information or duplicate statements, but this should be a reasonable charge and consumer should query any charge that seems excessive for provision of the information. It may also be necessary for consumers to chase the statements after a certain period, as one of the tactics that credit card companies and banks appear to be using is to delay sending out information such as this to cut back on claims.
Tom Smith
10th February 2007
More Information:
- Credit Card Charges
Credit cards appear to have only one cost to a user – the interest charged on purchases, but there are a whole raft of hidden charges just lurking below the surface. So, some cards offer an annual payment option in return for certain benefits. What is the best option, and in what circumstance
- Making Credit Card Fees Easier To Understand
On average, UK credit card issuers make somewhere between £300 and £400 million a year in fees charged off of UK credit card users who have not fully understood how the credit card issuer has arranged the charging of their fees and who do not complain directly to the card issuer for any excessive or incorrect fee charges. In anyone’s language, this is a staggering amount of money!
- How To Avoid Paying Those Pesky Credit And Debit Card Fees
It seems that UK credit and debit card providers would like to charge us each and every time we use our plastic cards these days. While the charge for each separate individual transaction may not seem like much, add them up over a month or two and suddenly the amount has some value. So, how do we avoid having to pay pesky fees to UK credit and debit card providers?
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