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EU regulations will increase credit card refunds

New EU regulations, which will come into force in the UK in November, will see more and more credit card holders able to reclaim for payments which were not pinpointed at the point-of-sale and eventually turned out to be more "than they had expected". Under the new legislation, which will be part of the EU's payment services directive, credit card holders who dispute their bill will be able to request a full refund from their credit card operator and potentially expenses on top. So in many circumstances we could see UK credit card holders actually making a "profit" on the transaction.

In simple terms, for example if you were to hand over your credit card when booking into a hotel and ultimately the bill was significantly higher than you expected, whether this be an excessive minibar charge or other unspecified bills, you would be able to dispute the claim and reclaim any monies taken, from your credit card company. This would be the same if you were hiring a car using your credit card as security against potential damage, excess travel or other unspecified charges.

This will oversee obviously have a significant impact upon the UK credit card industry and will directly impact upon a number of day-to-day operations which we all take granted. The wording of the directive is firmly in favour of the consumer, which is a significant change to the current legislation, which forces UK consumers to prove they were "overcharged".

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