Early day motion tabled by primary sponsor Alan Amos (Conservative), on Monday, 21 May 1990, in the House of Commons. It is signed by 12 members in total.

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Charges for Barclaycard and Barclays' Profits

That this House notes Barclays' decision to charge ??8 for its Barclaycard; notes that Barclays does not publish separately the profits which it makes from its Visa card although the Monopolies and Mergers Commission Report on Credit Card Services showed such profits rose from ??51.5 million in 1984 to ??91.6 million in 1988; notes that the complicated system of fees imposed on retailers (merchant service charges) for each use of the card rose to over 3 per cent. in 1988 and that this charge is levied on all transactions of people who do not incur interest charges; also notes that the annualised percentage rate of interest will be 27.8 per cent. for those customers liable to pay the ??8 charge; further notes that customers will now pay interest on any outstanding balance from the time of purchase rather than the date of statement as now; further notes the haste of only 8 weeks with which those charges have been introduced, and since these charges are against the public interest, strongly condemns the introduction of the ??8 charge; and calls upon the Monopolies and Mergers Commission to investigate the level of profit of Barclaycard and its monopoly position, as a matter of urgency.

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Secondary information

Type

Early day motion

Reference

1034 

Session

1989-90

Subjects

Bank services Credit cards Barclays Fees and charges Monopolies Monopolies and Mergers Commission

Link

View this Early day motion on www.parliament.uk