Business Credit Cards
Average amount reclaimed for each account claim : £3,011.00
Your business could be entitled to reclaim thousands in unfair bank and credit card charges. Research by Business Moneyfacts has found that even though the 2002 Competition Commission carried out an investigation into unfair bank charges, there had been an increase in the costs charged to small and medium-sized enterprises (SME).
Reclaim Your Business Credit Card Charges
If your business has incurred credit card charges due to exceeding a credit limit or making late payments during the past 6 years then you could make a claim to recover unfair business credit card charges.
Unfair Business Credit Card Charges
The amount charged by credit card companies for late payment or for exceeding a credit limit should be in proportion to what the cost has been to them. The charge should not be a punishment, nor should the credit card companies be making a profit out of these charges.
However, in April 2006 the Office of Fair Trading (OFT) published a report stating that credit card charges have been set at a significantly higher level than is legally fair.
The OFT went on to set a new maximum of £12 for all credit card charges. This amount has been criticised for continuing to be more than the costs the credit card companies incur, but it has now been accepted and is being implemented by credit card companies.
Many businesses have been charged thousands of pounds in unfair business credit card charges. A lot of small and medium sized companies have found that these unfair charges have stretched their already tight cash flow, especially in the current economic climate.
Reclaiming unfair business credit card charges could provide your business with a much needed cash injection. If your annual turnover is less than £1 million then it is worthwhile making a claim today. Even if you have now closed your business credit card account you can still make a claim for unfair business charges going back 6 years.
