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NatWest Mastercard
Art_2
Posts: 1,602 Forumite
in Credit cards
I use a NatWest Mastercard and normally pay my balance off in full each month.
My last payment was 2 days late in arriving with them due to a weekend and they charged me £14.04 interest which equates to an APR of around 17.5%.
I also noticed they had charged a 'Late Payment Fee' of £20.They told me this was standard practise.
After complaining to them, both the interest and the late payment fee were refunded to me.
The late payment fee is effectively further interest which they attempt to hide and the true ARP is approaching 40%.
Do all credit card companies impose the late payment fee in addition to the interest?
Regards,
Art.
My last payment was 2 days late in arriving with them due to a weekend and they charged me £14.04 interest which equates to an APR of around 17.5%.
I also noticed they had charged a 'Late Payment Fee' of £20.They told me this was standard practise.
After complaining to them, both the interest and the late payment fee were refunded to me.
The late payment fee is effectively further interest which they attempt to hide and the true ARP is approaching 40%.
Do all credit card companies impose the late payment fee in addition to the interest?
Regards,
Art.
0
Comments
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I'd say all credit companies will levy such a fee.
Another board member today though brought to my attention the possibility that these fees are illegal... have a read of this:
http://money.guardian.co.uk/creditanddebt/debt/story/0,1456,1312231,00.htmlThe above facts belong to everybody; the opinions belong to me; the distinction is yours to draw...0 -
Why not just set up a direct debit to pay the full balance each month?
Eric0
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