Credit Cards News

LONDON (Reuters) - The Office of Fair Trading said it was continuing its six-year probe into the fees charged by credit card association MasterCard, but industry sources said it was expected next week to shift focus onto current fees rather than past charges. A report in Friday's Daily Telegraph said the OFT was set to abandon its attempt to force MasterCard to cut fees. It cited sources close to the situation as saying the OFT would withdraw its statement of objections at a Competition Appeal  ...

Stuart BernauCREDIT card companies are making millions of pounds a year by using customers' repayments to reduce debts with low interest rates before they pay off money borrowed at a higher rate, a building society claimed today. Nationwide said most people paid interest at different rates for different debts on their credit card. For example, they may be taking advantage of a zero per cent balance transfer offer, but paying interest on any new purchases or any cash advances they make using th ...