Regular Payments off a Credit Card Discussion

macomk

Coul some one tell me If I would be eligable to claim credit card interest charges. For example, credit card balance was 1000, we paid 990 by payment day, but we were still charged an interest on full amount rather than 10 pounds( which woul be logical ).
Can you please advice?
Many thanks and we look forward to hearing from you.

Paul_Herring

macomk wrote: »

Coul some one tell me If I would be eligable to claim credit card interest charges. For example, credit card balance was 1000, we paid 990 by payment day, but we were still charged an interest on full amount rather than 10 pounds( which woul be logical ).

No.

1) This interest charge is explicitly set out in your T&C's - if you don't pay the card off in full, they start charging interest
2) You're borrowing money off them, and the interest free period is something they don't have to give you. They are entitled to attach conditions to it.

mikey07

Anyone have any suggestions on whether I should stick with paypal or switch to a merchant account. I am thinking of using credit card processing for my new site to process all my online payments but I was told paypal is cheaper. Any suggestions?

econ0013

how do you know if it is a cpa as opposed to a one off payment or a direct debit?
Is there any way you can tell if you have had a cpa in the past? does it show on your credit report?
I have used alot of different companies in the past for goods, some of whom were quite small and would be concerned if people i dont know still have details and could pull money off the card.

thanks for info

ironybrew

CPAs only seem to be an issue when regular unchanging payments are made on a credit card. If you are signing up for a service with a regular monthly charge you are vulnerable because somewhere in the exceedingly small print you will have been advised that your payment authorisation will continue until such time as you comply with the service provider's proceedures for curtailing the service. Similarly the small print of your agreement with the card issuer will have "informed" you that CPA's granted by you can only be cancelled by the entity that you have granted them to.

The worst offenders in my experience are internet hosting companies and internet service providers. They know full well that you are no longer using their services but they still keep claiming payment through their provider of a Merchant Account. I suspect that most of the Merchant Account providers involved are not based in the UK where reputational issues are reasonably important but in a jurisdiction where the Merchant Account provider is reasonably difficult to sue.

None the less there will eventually be huge "class action" cases against major credit card companies and banks that have permitted unauthorised debits in their principal jurisdictions, on the basis that they have facilitated fraud or near fraud by unreasonably relying on extremely obscure terms and conditions.

Thinking back, I only managed to stop the payments by closing not just the card but the bank account that was accepting the debits from the card company. Before doing that, you will need to establish a new bank account and switch any regular payments that you DO want to make.

By the look of it, it's going to be a really big class action suit when it gets going. I do hope so.

anniecave

econ0013 wrote: »

how do you know if it is a cpa as opposed to a one off payment or a direct debit?
Is there any way you can tell if you have had a cpa in the past? does it show on your credit report?

Assuming it is from your current account, then a CPA is via your debit card, so would show as a debit card transaction every time it was taken. It's basically a re-occurring debit card transaction. If it was a direct debit, that is a different thing. There is usually a transaction type column on your bank statement which tells you what it is.

If is on a credit card, it can only be a CPA, or one off transaction, as credit cards can't have direct debit mandates attached to them.

And it wont affect appear on your credit report or affect it directly. The current account or credit card it is linked to may do so.

It is therefore wise to cancel any old credit cards as i've known card companies to charge a transaction (re-occuring or not) and the card holder never receives a statement (as for example it may go to an old address if you've moved house and not told them) then starts racking up fees and charges and interest all for a transaction you never intended in the first place.

Mora_wacker

Hai,
Thanks for your valuable information.Since i am a new credit card user this tip will be useful for me.I will also inform this to my neighbours, relatives.I think they are also not aware of this.And also i need to know what are the ways i can prevent credit card theft?

archer5

Watch out for Spyware Doctor under the guise of PC Tool they also do this!

sebastianj

This thread prompted me to look at my CC bills.

I had a Domain name, and got a Web Space for it. I allowed my domain name to expire last year as I did not not want it any more and thought that was the end of it.

My web space provider renewed the Name on my behalf and charged my CC. I did not realise this till this year when they charged me for the web space again. I want to recover my monies, I have raised a dispute but they have recharged, I am raising this dispute again today.

Do I stand a chance??
seb

jean68

Please excuse me if i am being thick but i am a newbie .I have just been reading the posts and could someone please tell me what & quot means .Thanks .Jean .