Consumer Payment Card News

Bloody Mad

U.K. cardholders are getting tangled up in late payment fee policies for credit cards and they’re hopping mad about it. According to yesterday’s London Daily Mail, MBNA and NatWest are hitting U.K. cardholders with late fees if the payment is not posted by the due date. MBNA reportedly said it takes up to three days to have a payment posted after receipt and NatWest indicated it requires the payment to “clear” before it is posted. People’s Bank and Beneficial Bank reportedly have similar policies. The Daily Mail says by contrast RBS Advanta has a 10 day late payment grace period. Also Capital One, Barclays and Royal Bank of Scotland all consider the payment posted upon the day of receipt.

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