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Dormant Credit Cards Warning, Immediate Action Required as Good Customers to be Penalised

Personal_Finance / Credit Cards & Scoring Oct 01, 2009 - 10:39 AM GMT

By: Nadeem_Walayat

Personal_Finance

UK Credit card providers are implementing a whole host of charges and fees to penalise their 'good' customers for the losses suffered on their 'bad' customers that has resulted in bad debt writedown losses of £3.2 billion for the past 12 months.


Credit card companies are in the initial phase hitting users with dormant credit cards (not used for between 6 to 12 month) that number more than 35 million in the UK.

Dormant Card Charges

  • American Express - £20 Fee if card not used during past 12 months
  • Abbey - £10 Charge if not used during past 6 months
  • LLoyds TSB - £35 Fee if card not used during past 6 months
  • Santandar - £10 fee if card now used during past 12 months.
  • Egg - 50p monthly fee if no interest paid, which implies that it will also hit egg customers that clear their monthly balance. Also have now cancelled cash back on their card.

Other card providers are expected to follow suit over the coming months,

Urgent Action Required

Dormant credit card holders need to take urgent action to CLOSE the account by calling up the provider and requesting it be closed. However, many providers fail to act so it may prove prudent to follow up with a letter to cover yourself in case the account is not closed, also check your account a couple of months later to ensure that it has in fact been closed.

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By Nadeem Walayat
http://www.marketoracle.co.uk

Copyright © 2005-09 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 20 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis specialises on the housing market and interest rates. Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication. We present in-depth analysis from over 300 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

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