The Consumer Agency has received complaints that the banks are hiding the total amount of credit card invoices in the Internet bank. In this way, the loan easily transfers to installment and high interest costs are added. Now several banks are reviewing the procedures.
Many banks offer interest-free credit purchases to their customers.
However, when the monthly invoice in the Internet bank will in many cases be presented only the minimum amount you have to pay, instead of the total cost of the loan. If you choose to pay the lowest possible amount, the debt will be paid off and high interest rates and fees will be added. To see the total amount, you have to go into the e-invoice itself – something many people miss or do not know that you can do.
The consumer falls into involuntary debt
There are two ways to look at the arrangement. Either the banks deliberately want the customer to pay off the debt, or they actually do the customer a favor by offering a low monthly cost against the total debt automatically being higher.
“It is a problem that the lowest amount is pre-filled. We think that you can expect that the total amount is pre-filled, as it is with most goods and products. We think that this should be on credit card invoices in the Internet bank as well, otherwise you will end up with an involuntary interest debt, ”Sara Wahlberg, a lawyer at the Consumer Agency, told Aftonbladet.
Reverse homework for the banks
Now, the Swedish Consumer Agency has reviewed the credit cards of a number of banks, including Nordea and Bank Norwegian, both of which are looking at different opportunities to clarify the service for the customer. Analyn Bajak, press secretary at Nordea, however, believes that the current arrangement is for the consumer’s best:
“The Internet bank requires that there is a value in the amount field in the e-invoice and we have chosen to enter the lowest amount that the customer can pay. However, it is easy for the customer to change the amount to any amount. Our assessment is that it will pose greater problems for our customers if we draw a much higher amount than expected. In the worst case, the customer may have trouble paying other bills, ”she tells Aftonbladet.