It should apply not only to credit cards but other bank charges too, of course the banks arent very happy about it and are claiming they might have to go back to charging for accounts but somehow I doubt if thats going to happen.
http://news.bbc.co.uk/1/hi/business/4878798.stm
nope theyll just refuse to give normal credit cards to chavs & stick more of them on the special 30% APR jobbies that they presently give to the super chavscum. Who cares if the late fee charge is capped they can rape them on the interest.
Fees for statement copies will go up as will balance transfere fees or they could make a bit of money from PPI or simply slightly higher interest rates accross all cards.
Tbh.. all the banks tend to make thier money in the same way & if you deprive them of a source of income from one area theyll simply increase the costs in another.
Perhaps they will be a bit more visible though. TBH I havent been done with a charge for at least ten years. The only time my Credit Card (Nationwide) tried I pointed out that I hadnt recieved the statement and they refunded the charge :) Since then its been on Direct Debit payment.
Normal policy is to refund for the "first offence" - most banks will state that if you dont recieve your statement it is your duty to contact them & you should still make sure your payment is on time. - Obviously if your statement hasnt arrived 2 weeks after it should have done then you know that it has probably been lost in the post.
Simply setting up a Direct Debit can avoid a whole load of silly charges tbh... I dont know why more people dont do it - you still get some people who want to add everything up themselves & then put a cheque in the post & forget that the cheque takes time to get there & time to clear & so leave it too late & get charged.
Sending a cheque in the post the day after you receive your statement is the timescale that is worked out by the late payment fee. Any further delay will see the cheque clearing too late to meet the deadline.
They will send the statement just in time before that months payment date, banks never want to be kept waiting, if you dont pay they WILL charge.
Quote from: dogbertSending a cheque in the post the day after you receive your statement is the timescale that is worked out by the late payment fee. Any further delay will see the cheque clearing too late to meet the deadline.
They will send the statement just in time before that months payment date, banks never want to be kept waiting, if you dont pay they WILL charge.
That is incorrect - you dont usually have a fixed payment date youll normally have a fixed statement date. The payment date is calculated by the statement date + 25days* and will be printed on your statement - a late fee is simply applied when a payment is not recieved by the payment date(thought they normally allow one days grace).
The statements get sent out the next working day after the statement day. So youll generally recieve your statement a couple of days after the statement date and will have around 23 days to get the money to the bank - tis best to give a cheque at least a week though.
It is usefull to make a note of your statement day because if you make a purchase the day after your statement day(first day of the new statement) them youve effectivly got a 56 days interest free loan.
*some banks are stingy & set the payment dates to be 20 days after the statement date.