After wrangling and reluctance most UK credit card companies agreed to reduce their penalty fees albeit sometimes in graduated fashion.
The OFT announced last week that all credit card suppliers now have indeed agreed to fully reduce their credit card default fees, the majority by at least a half. This is good news for all.
Consumers are still faced with credit card penalty fees for late payments and unauthorised overdrafts. Even though the fees have been reduced to a maximum of £12, this is still a considerable amount to be charged.
So you still need to try and avoid these pitfalls by following simple rules and guidelines outlined by your specific CC company. Nothing is a replacement or a solution for responsible spending.
