Late payment fee question

Gromitt

Typically I only ever make one payment: Within 2 weeks once I have received my statement.

However, if my card is near its limit, I'll pay off a percentage of the balance once I've noticed (depending on how I'll further use the card before the statement date), paying the rest off when I've received my statement.

I can't stand paying off bits and bobs here and there. I don't pay off any other bill like that, my CC I treat the same.

Herbalus

Gromitt wrote: »

Typically I only ever make one payment: Within 2 weeks once I have received my statement.

However, if my card is near its limit, I'll pay off a percentage of the balance once I've noticed (depending on how I'll further use the card before the statement date), paying the rest off when I've received my statement.

I can't stand paying off bits and bobs here and there. I don't pay off any other bill like that, my CC I treat the same.

Agree. The only exception is three £5 payments to my card each month to fulfil the conditions of the Natwest student account (requires three POS transactions each month to keep 0% overdraft, which is in Santander 123).

chattychappy

OP I see your point but ultimately I disagree. It is true that others have been caught out in the same way, but that still doesn't make it wrong IMHO. I disagree because I believe that credit providers should be free to make these rules. You do not have to take the credit on this basis if you don't want it. The principle is that a statement is generated showing a minimum due and a deadline. It follows that there is then a window in which to make the payment. I don't think that this arrangement is unfair.

Gravelrash wrote: »

Surely this is wrong, and should be raised with the Financial Ombudsman?...

so how would I go about escalating the issue if the bank do refund me the money? From what I can see, the FOS are only interested in unresolved complaints, not general policy issues.

There is a bit a gap if a consumer wishes to complain about generic/systemic issues. No doubt about it, CCs have sometimes paid off consumers to avoid regulatory interest.

Consumer Credit is currently regulated by the OFT and you could try complaining to them. Sometimes there are consultations prior to new codes being drawn up/new regs proposed. Next year it is likely that the FCA will take over CC regulation. I feel they will take a more interventionist approach - though I doubt whether they would see a problem with the practice you refer to.