Credit Card Fees

papazen

I'm keep being charged an over-limit fee on my credit card, and I feel like its a bit dishonest on their part.
For example:

A late-payment charge on my account put my over my agreed credit limit on 11th september statement by €2.43, so I was charged an €8.50e overlimit fee. Let's say this is fair enough (- eventhough I am really twice for the late payment: 1st the late payment fee; 2nd the overlimit fee, when the first charge puts me over the limit.)

I then had until 7th october to make my payment. I paid money on the 13th of september, and the money reached my account by 16th september, and I kept well within my limit for this month, but was still charged the overlimit fee. I rang my credit card company, and they told me that even though I had stayed within my limit once I had paid, there was a time in this period (12th Sep - 12th Oct) where I had been over my limit (i.e. from 12th-16th September.) So I went over my limit by €2.43 and in a period of five days that I was over this limit, I was charged for this twice. Does this seem fair?

Wording in my T&C's:

Charges
The Bank reserves the right to charge the principle cardholder a fee of :
a) €8.50 each time the credit limit is exceeded.

Does this seem dishonest to anyone else? I think that they are just putting charges on to my account and justifying it as they seem fit.

Nody

Sorry to say but sounds fairly normal to me; you're charged two over credit limit fees because you where over the limit in two seperate periods that they check.

The fact that you caused it by paying late is not their fault (i.e. you could have been hit with the 2.43 EUR charge and still be with in the limit if you had not maxed out your card and you would only have paid 2.43 EUR).

Paulw

You're blaming the bank because you didn't pay your bill on time, and you were then charged a late fee and an over-limit fee? :eek:

Just go pay the bill.

The bank are well within their rights.

papazen

Even still, I am not being given a reasonable amount of time to pay - when I get the late payment fee on the last day of my statement, and am put over the limit, I get charged the late payment fee for that period and then the next period starts one day later.

So I have two questions:
Are they allowed to do this given the wording in T&Cs?
Even if they are, does anybody think that this is fair?

Paulw

papazen wrote: »

Even still, I am not being given a reasonable amount of time to pay - when I get the late payment fee on the last day of my statement, and am put over the limit, I get charged the late payment fee for that period and then the next period starts one day later.

So I have two questions:
Are they allowed to do this given the wording in T&Cs?
Even if they are, does anybody think that this is fair?

Yes, they are allowed to do it.
Yes, it's fair. They give you (normally) 2 weeks to pay the bill from date of issue, until a late fee is applied. Most credit card systems now you can view your statement and transactions online, so you will know how much you owe, and when your next bill is due.

You not being able to control your spending is not the fault of the bank. They are working within the T&Cs that they have provided to you.

Slippin Jimmy

Quick question. I am just gone over my limit by €5. My bill is not due until the 2nd week in Jan which is when I am going to pay. Will I get charged the following month for being overdrawn?

dudara

Moved to Banking & Insurance & Pensions

dudara

papazen

Yes Duffff-man, this is what I'm trying to say. You will be charged in this month, and if you are not back under the limit by the day after your next statement. you will be charged again.

So, for example: you will get a charge if you go over your limit on the 10th of the month, and let's say your statement comes on the 11th, if it is not paid by the 12th you will be charged for being over the limit in the next month too.

Toots

Actually it depends on your credit card provider. Some do not charge you for going over your limit, but will charge you if you are late making payments.