TSB has announced it will remove all key dates for credit card customers, including payment due dates and statement dates, in a move that could affect millions of account holders. The bank stated that the change is part of a simplification of its credit card offerings, but consumer groups have raised concerns about potential confusion.
The change means that customers will no longer have a fixed date each month for their payment to be due or for their statement to be issued. Instead, TSB will assign a 'payment day' based on the date the account was opened, which could vary each month. The bank says this will make it easier for customers to manage their finances, but critics argue it could lead to missed payments and additional fees.
TSB is the latest bank to make such a change, following similar moves by other lenders in recent years. The Financial Conduct Authority (FCA) has not commented on the specific change but has previously urged banks to ensure that any alterations to credit card terms are clearly communicated to customers.
Customers affected by the change will be notified by TSB in the coming weeks. The bank advises customers to check their online account or app for their new payment schedule. Those who are concerned about the change are encouraged to contact TSB directly for more information.
