This week, in i's new column, I am helping a reader get to grips with how credit card companies are so profitable
Is there something you’ve always wanted to know but don’t understand? Do you need to know your rights in a situation? Have you been in a situation where you think you’ve been ripped off?He can’t take on individual cases or try to force firms or the Government to be reasonable. But you can send all those questions about things that puzzle you involving money to Paul atand he will answer some of them in this column. Remember, it’s your column so get those questions coming in.
If you make only a part payment – perhaps you owe £500 but can only afford £400 this month – then the interest is charged on the whole £500Eye-watering interest rates are not the only way credit card firms make money from customers. You are charged if you miss the payment date or exceed your credit limit.
Charges for good payers do not end there. If you use your card to buy anything in a foreign currency then banks typically charge you nearly three per cent of what you spend – a hefty premium on a foreign holiday. This surcharge also applies if you buy things online from suppliers outside the UK in a foreign currency. Out of more than 100 credit cards on the market only 15 are listed as having no foreign currency charge throughout the world and some of those come with conditions.
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