Huge credit card interest rate increases

Sorry folks i misread it. I hasnt risen from 5% to 34%, %5 is the actual increase in interest. Still a bank spitfull tantrum though.

I wish the meddlers like the government and Consumers Association would stop trying to tell companies what their charges should be. It was obvious that this would happen when the card companies were told to lower their penalties. Why anyone need complain about the penalties I cannot imagine, given that they knew (or should have known) what they were before they applied for their credit card. If you break the rules you should have to pay the price. Now everyone else has to pay the price. Talk about the nanny state.

The other nannyism was the ATM charge. Why shouldn't the banks charge for the use of the ATM if they want to (as long as the charge is made clear before you incur it)? You don't have to use it.

Rob Graham

Why? Its your decision to pay interest. No different havinag credit card ora pre paid debit card from the aspect, you can run a credit card like a pre paid card if you want, and millions do, just paying later rather than before.

What price? I dont pay any interest on any of my credit cards.

very few banks IME charge, AFAIK its mostly private companies who charge for ATMs,and I agree its up to them to decide how much.

If you break the rules you should have to pay the

No. Neither do I. But some people do.

At 13:19:12 on 26/09/2006, linkuk delighted uk.finance by announcing:

I think you need to read the article a little more carefully.

I watched one of the select commitees when they were grilling the atm companies and although they are private companies im sure it came out that the banks were major share owners of them.

Likewise there is often debate about the way banks gain interest by not clearing money in less that 3 days etc. They say "oh thats nothing to do with us that the bacs system". Who owns the bacs system? 150 odd of the worlds banks. So the banks do in fact benefit from taking 3 days to clear money.

The banks are a law unto themselves and always will be regardless of how much profit they make and they will continue to target easy to reach small customers owing small amounts of money rather than larger clients owing them millions or countries owing them billions.

The select committees sit and grill them from time to time but they are pretty ineffective as also are the watchdogs. I wonder if any members of these committees end up as part time directors when they drop out of parliment.

I did alex and made an apology within minutes if you look, i Even tried to cancel the posting but it didnt work.

and I should care because ......?

At 22:47:41 on 26/09/2006, linkuk delighted uk.finance by announcing:

I have looked. I can only see two posts from you in this thread (well, three including this one). The second was 30 seconds after mine and doesn't include an 'apology'.

Perhaps it is this one:- X49Sg.32012$ snipped-for-privacy@newsfe1-win.ntli.net

Showing as expired on my newsserver. I remember his apology - it shows on my newsreader.

At 11:40:20 on 28/09/2006, Colin Forrester delighted uk.finance by announcing:

It's showing on Google Groups as well. Not on this server though.