Credit Card Penalties Get Yellow Card

OFT Statement on Bank Credit Card Default Fees
OFT Press Release
18 May 2006
 'The OFT now expects all credit card issuers to recalculate their
default charges in line with the principles set out in the
statement, and to confirm by 31 May their response and willingness
to make any necessary adjustments to their fees. Credit card
issuers should treat fee adjustments as a matter or exceptional
priority. The OFT also calls on banks and other financial
businesses to apply the same principles when calculating default
charges in other consumer contracts such as bank overdrafts, store
card contracts and mortgages where and as appropriate.'