Newsroom

Bank credit card default charges

1 June 2006

We have given all UK issuers of credit cards until 31 May to respond to our request that they review the level of the default fees on their credit cards in the light of the OFT's statement of principles and adjust them where necessary. We also stated that we considered there was a 'read across' of the principles to other default charges the banks levy upon their customers. 
 
The deadline has now passed and we have had numerous representations from issuers and interested parties. We need to analyse these responses thoroughly. We expect to make a further statement in due course.

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