If you have paid for a product by credit card and a problem occurs, you can claim compensation from the credit card company. However, always first try to resolve the matter with the seller.
You can direct your claim to the credit card company, if:
The credit card company is not obliged to compensate anything more than the amount you paid for the product. If you insist on a price reduction, it must be equal to the corresponding error. If, in the case of remote sales (e-commerce, mail order) the ordered product is never received, you can claim compensation for the entire purchase price from the credit card company.
Penalty interest is determined by the Interest Act. Penalty interest is the reference rate set by the European Central Bank in six-month intervals + 7 percentage points. The Bank of Finland announces the confirmed reference rate, the penalty interest rate and its period of validity at the end of June and December every year.
Penalty interest may be accrued from the due date onwards, assuming that a due date was set in the first place. If no due date was set, penalty interest generally begins to accrue 30 days after the date on which the creditor demands payment from the debtor.
For debts of private individuals where the debt is not related to the debtor's business activities, the rate of penalty interest may sometimes be negotiated.
Negotiation is possible if delayed payment is due to financial difficulties arising from illness, unemployment or other special circumstances and the cause is primarily not the debtor's fault.
Negotiation is also a possibility when sufficiently weighty justification for it exists. In assessing this, the following circumstances are considered:
Delayed payment and collection
The semi-annually announced penalty interest rates are available e.g. on the Bank of Finland website
Carefully consider whether you really need another credit card. Before buying on credit, make sure you are able to pay it back within the interest-free period. If you are unable to do so, you will have to pay interest on the debt along with expenses and other fees.
If the card involves annual fees or account management fees, you will have to pay them even if you don't use the card at all. Also keep in mind that while the credit agreement is signed at the store, the party that actually finances the credit is an external financing company.
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