Posted on October - 10 - 2009
Credit card charges changed by provider
HSBC has moved to standardise its credit card fees. Some credit card charges are to be increased as HSBC moves to standardise its services.
First Direct and M&S Money, both owned by the bank, have both announced modifications to their credit card deals, the Daily Mail reported.
The newspaper suggested that the fee changes and the introduction of the EU Payment Services Directive (PSD) on November 1st were connected.
PSD is an attempt by European lawmakers to standardise the rules governing payment firms across member states.
Included in the regulations is a requirement for credit card providers to make their contracts easier for customers to understand.
News of the fee changes is being contained in providers’ messages notifying customers of the upcoming PSD.
However, a spokesman for HSBC, the owner of First Direct and M&S Money, told the newspaper that the changes were not connected with introduction of the new laws.
“Cost pressures on the cards business” and the need to standardise the “competitive status” of the different brands owned by HSBC were instead cited as factors behind the decision.
M&S Money increased its foreign exchange fee for customers using their credit cards abroad from 2.75% to 2.99% on October 1st.
Balance transfer fees were also raised from 2.5% to 2.9%.
Meanwhile, First Direct is to increase its cash advance fee from 2.5% to 2.99% and its balance transfer fee from 2.5% to 2.99% on November 1st.
Similar Posts:
- HSBC combines debit and credit cards
- With Credit Card Debt Reduction you Can Save on the Interest
- Debt Consolidation Credit Card: Get Rid of Debt
- Egg announces credit card change
- Why Credit Cards 0 APR Are Offered
