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Banks to cut credit card charges

Discussion in 'Speaker's Corner' started by crashuk, 2 Jun 2006.

  1. crashuk

    PermaBanned

    Joined: 7 Dec 2005

    Posts: 2,691

    yay there lowering credit card penalty charges, hold on wait they are raising interest rates on cards and Cash advances yay as i suggested a few months ago.
     
  2. Visage

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    Joined: 13 Jan 2005

    Posts: 10,708

    Is there a debating point here?
     
  3. crashuk

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    yes, the point is now everyone is punished.
     
  4. FordPrefect

    Mobster

    Joined: 18 Oct 2002

    Posts: 2,715

    I wouldnt agree that everyone is now punished, I'd say its more like the cost of banks providing credit cards and making a profit is being more equally shared out. But even then its only really going to affect you at the moment if you use your credit card to withdraw cash, something I hope you dont do ;)

    The present proposals will not really affect those that use a credit card and pay it off in full everytime. IE only those that are financially irresponsible will basically pay for everyone else.
     
  5. Dolph

    Man of Honour

    Joined: 17 Oct 2002

    Posts: 48,135

    Location: Plymouth

    I would agree with crashuk. Everyone is being punished because of a few irresponsible people.

    Now instead of having a charge system where being charged was optional based on whether you were economically competant or not, now we're all going to get charged, despite the fact that those who kept running up late payment/overdrawn charges agreed to them in the first place.

    Annual fees for credit cards will be on their way back at this rate :(
     
  6. Gilly

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    Joined: 17 Oct 2002

    Posts: 95,526

    Location: I'm back baby!

    Am I reading it right that it only affects those that withdraw cash from machines on their credit card or use CC cheques?
     
  7. dirtydog

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    Joined: 18 Oct 2002

    Posts: 47,398

    Location: Essex

    Yes I believe so - that, and Barclaycard are raising their interest rates for most customers so if you have an outstanding balance each month you will also pay more.

    Just so long as they don't bring back annual fees (I remember when B'card charged me £30 a year) or any other fees for people who pay off their balance in full each month, I don't have a problem with this.

    http://news.bbc.co.uk/1/hi/business/5036098.stm