Credit card commission? 23 February at 3:02PM in Credit cards 4 replies 310 views

markus250lou

Hi all, I keep seeing adverts on social media for companies that can help reclaim £££ from credit card providers such as Barclays, Natwest etc for hidden commission charged on cards. As I've got a natwest card that I've had for a few years, I'm curious but is it something worth doing or just a 'social media scam'?

DullGreyGuy

markus250lou said:

Hi all, I keep seeing adverts on social media for companies that can help reclaim £££ from credit card providers such as Barclays, Natwest etc for hidden commission charged on cards. As I've got a natwest card that I've had for a few years, I'm curious but is it something worth doing or just a 'social media scam'?

The ones I've seen are saying you've missed the boat to reclaim your PPI as the FOS closed the door to new complaints but they believe instead of reclaiming the premiums you paid you can reclaim the commission the bank received from the insurer and that this is a back door to avoid the FOS block on new PPI claims.

Given how these companies work they will obviously accept data from anyone willing to share it but clearly if you've already reclaimed the PPI you cannot also reclaim commission and its a real punt that the FOS will either a) agree its reclaimable and b) that the existing block on PPI claims doesnt cover these.

born_again

DullGreyGuy said:

markus250lou said:

Hi all, I keep seeing adverts on social media for companies that can help reclaim £££ from credit card providers such as Barclays, Natwest etc for hidden commission charged on cards. As I've got a natwest card that I've had for a few years, I'm curious but is it something worth doing or just a 'social media scam'?

The ones I've seen are saying you've missed the boat to reclaim your PPI as the FOS closed the door to new complaints but they believe instead of reclaiming the premiums you paid you can reclaim the commission the bank received from the insurer and that this is a back door to avoid the FOS block on new PPI claims.

Given how these companies work they will obviously accept data from anyone willing to share it but clearly if you've already reclaimed the PPI you cannot also reclaim commission and its a real punt that the FOS will either a) agree its reclaimable and b) that the existing block on PPI claims doesnt cover these.

Many CC's looked at this at the same time.
As I got it back on one of my claims.

DullGreyGuy

born_again said:

DullGreyGuy said:

markus250lou said:

Hi all, I keep seeing adverts on social media for companies that can help reclaim £££ from credit card providers such as Barclays, Natwest etc for hidden commission charged on cards. As I've got a natwest card that I've had for a few years, I'm curious but is it something worth doing or just a 'social media scam'?

The ones I've seen are saying you've missed the boat to reclaim your PPI as the FOS closed the door to new complaints but they believe instead of reclaiming the premiums you paid you can reclaim the commission the bank received from the insurer and that this is a back door to avoid the FOS block on new PPI claims.

Given how these companies work they will obviously accept data from anyone willing to share it but clearly if you've already reclaimed the PPI you cannot also reclaim commission and its a real punt that the FOS will either a) agree its reclaimable and b) that the existing block on PPI claims doesnt cover these.

Many CC's looked at this at the same time.
As I got it back on one of my claims.

So you got back more than you paid? (ignoring interest)

born_again

Can't remember how much I got back. Too long ago.