Getting Money Back for Your Credit Card Fees

Hello! Have't seen you 'round here before! You may want to subscribe to my RSS feed so as to keep up to date with money saving tips and product reviews, or you may wish to view the main Mungo Money website for UK Credit Cards, Personal Loans and Savings Accounts. Thanks for visiting!

Many of us have learned the hard way that getting your credit card payment in the post on time is no guarantee that you won’t be charged a late payment fee.  Plus, if you’re already near your limit that extra fee could send you over the limit even by just a small amount and that means you’ll be charged an additional fee for that.
Those fees add up, plus you have to pay interest on those fees every month until you pay them down.  And you’ll keep racking up fees until you get back under the limit.
At least that’s how things were, now things are a little different.  The Office of Fair Trading believed those fees were too exhorbitant and worked with the UK government to make them unlawful.  Now if you had to pay any of those outrageous fees during the last six years, you could get your money back.
The Steps to Follow to Recoup Credit Card Fees 
To get your money back, you first need to know how much you paid in fees.  Obviously, a guess isn’t going to do the trick.  If you haven’t kept your last 70+ statements (and most of haven’t) then you can call your credit card company and ask for a comprehensive list of all your charges.  This is your right under the Data Protection Right.
Before you do anything else, you need to be prepared for the credit company to close your account in retaliation.  Just transfer your balance to a low-interest card and you’ll be in good shape.  If  that’s not an option and your card is closed, file a letter of complaint.
Next, write a letter to the company requesting your money back.  When you make your claim, add in interest.  If you get to court, you could be entitled to up to 8% interest on those fees so asking for it now could be a good idea.  You may get your money back immediately or a reduced offer.  If not, you’ll need to take the company to small claims court or a financial ombudsman service.
Avoiding These Fees & Using Your Winnings 
Even though the fees were wrong, they are generally a sign of other financial problems.  To prevent paying these types of fees in the future, you should try to set a budget and stick to it.  Don’t borrow more money than you afford to pay back and always make your payments on time.  It’s also a good idea to keep your balances low enough that a missed or late payment won’t send you skyrocketing over the limit.
If you are finally victorious in reclaiming your money, then consider putting it into a savings account.  You’ll be surprised how quickly it can grow and, after all, saving your money is a good habit to start.