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Choosing and Using a Credit Card Wisely
Credit drives our economy. Sure, there are still some cash-and-carry guys around, but most of us rely on credit and particularly credit cards. Shopping around for a credit card can save you money on interest and fees. You will want to find one with...
How to Build Business Credit Despite Your Personal Credit
Business credit is more of a science than an art. The first rule for this science is that it is not the same as personal credit. Many would-be and aspiring business owners are not aware that establishing credit for a business is just as important...
How to Pay Off Your Credit Card Debt
This method is simple, but requires some discipline.
First, you have to stop any new spending on your cards.
Second - you'll need to examine all of your spending. You'll...
How To Use Your Credit Card For Ultimate Financial Advantage
This article explains the importance of establishing good credit, and how to use your credit card as a powerful tool for ultimate financial leverage. It also reveals exactly what to look for on a credit card application, and how to calculate that...
Repairing Your Credit is as Easy as 1-2-3
1. Review Your Credit Report For Errors. After you have received a copy of your credit report, you need to look through it very closely. If you do not yet have a copy, TrimYourDebt.com has negotiated with one of the credit bureaus to offer...
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Plastic probe by OFT welcomed – but Moneynet warns credit card companies may look to ramp up other charges
Plastic probe by OFT welcomed – but Moneynet warns credit card companies may look to ramp up other charges
Credit card holders advised to study the small print and be prepared for card companies to go on offensive in wake of OFT investigation into high charges, says Moneynet
CREDIT card companies may be looking to increase profits via alternative ‘stealth’ charges following this week’s decision by the Office of Fair Trading (OFT) to consult with eight major credit cards on what the watchdog deems to be excessive credit card charges.
Richard Brown, chief executive of Moneynet.co.uk Moneynet.co.uk – the online financial data comparison site, said he welcomed the OFT’s decision:
“But we are concerned that credit card providers may simply attempt to recoup their lost
income via higher charges for all.
“Moneynet recommends credit card customers consider their options before taking out a card -and take into account all charges as well as the headline interest rate”, said Brown.
A charge of around £20 to £25 is currently payable if a cardholder fails to pay a credit card bill on the due date, exceeds the credit limit, or pays on time but by a direct debit or cheque that is not honoured.
In a statement earlier this week, the OFT said it believed it is ‘unfair for the purposes of contract terms regulation to require a consumer who defaults in one of these ways to pay a disproportionately high charge.’
About the Author
Moneynet press enquiries:
Richard Brown, Chief Executive, 020 8313 9030
Consumer enquiries:
info@moneynet.co.uk
http://www.moneynet.co.uk
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