All 36 main credit card issuers have cut "unfair" penalty fees for credit cards to £12 or less after a ruling earlier this year by regulators. The Office of Fair Trading is expected to issue a statement shortly confirming the cuts by all the main issuers. It is also expected to insist that the principle applies to other bank account agreements such as overdrafts and default charges, on which it plans to do more work.
Many people have already started the process of claiming back hundreds and often thousands of pounds in unfair bank and credit card fees. This number is expected to increase rapidly as more people realise that they can reclaim significant amounts of money from banks and credit card providers daing back 6 years.
Courtesy of Myvesta UK