Annual Fee

A £28 annual fee appeared on my bank statement. This is the commercial credit card annual fee, but all I was told is my bank account is on free banking terms, no standard activity charges or account fees are payable. No similar warning with my credit card which comes with the current account. (Ah well, there are small prints on the back of the statement, I never read it.)

The Office of Fair Trading ruled that any late payment or unauthorised borrowing charge levied by a credit card provider was likely to be illegal if it totalled more than £12. But last months the bank charged me £3.0 per day for overdraft. I asked for refund, and the banker did so.

Some bank charge a fee when the card has low usage, either in terms of the frequency of transactions or their value. But my bank charges annual fee regardless of how many times you use your card. But the fees on credit cards need to come with a similar warning to those on packaged current accounts, i.e. the banker should have told me £28 annual fee when I agree to sign a credit card.

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