Credit Cards News

Three of the country's biggest banks are going to cut their credit card penalty charges. But one of them, Barclays, is also raising its top rate of interest to a maximum of 29.9%. Barclays, Lloyds-TSB and HSBC will cut their penalty charges by nearly half from £20 to £12 in the next two months. The changes were demanded by the Office of Fair Trading (OFT) in April, when it said standard penalty charges levied by card issuers were excessive and unfair. The OFT said at the time that  ...

By Steve Slater LONDON (Reuters) - Barclays (BARC.L: Quote, Profile, Research) , Lloyds TSB (LLOY.L: Quote, Profile, Research) and HSBC (HSBA.L: Quote, Profile, Research) are to nearly halve penalties for late payment of credit card bills after the Office of Fair Trading said the industry was overcharging customers. The banks said on Wednesday they did not agree with the legal reasoning behind ...