A UK personal finance blog and account of a personal finance website owner.
A UK personal finance blog and account of a personal finance website owner.
After reading a misleading advert regarding an M&S credit card offer, a UK consumer withdrew a number of Euros expecting to pay no interest until January 2008.
Turns out the offer was for ‘brand new customers only’ and their subsequent statement revealed £20 worth of interest.
Several calls and appeals later, M&S finally repaid the interest but not without trying to dodge the issue first.
Read the full story at thisismoney.co.uk
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June 17th, 2007 at 11:35 pm
Well, color me unsurprised. I’m here in the states working for a merchant coalition fighting the credit card companies over hidden fees and other shady practices (our website should be linked behind my name).
The automatic penalties on individual accounts and interchange fees on merchant accounts are major profit centers for the banks who issue those cards — and like in your case, they figure we’re all powerless enough that we have to take it.
I think the next few years we’re going to see a major revolution in online payment systems that will put these jerks out of business.
June 21st, 2007 at 10:03 am
I can’t believe all the banks practice such shady methods. I’ve been holding cards for several years, but haven’t noticed they charged me some hidden fees.