Although no action is necessarily required before September, which marks the end of the three month ‘grace period’ to review and make the necessary changes, many credit card providers have already begun to make various amendments, the financial website claims.

“It is pleasing that many have decided to act sooner rather than later, announcing their intention or beginning to apply the new charges from as early as 20 June,” said Andy Britchford, personal finance analyst for Moneyfacts.co.uk.

Mr Britchford stated that three-quarters of the credit card providers currently listed with the website were already planning to reduce their charges down to, or even below, the new OFT threshold and over two-thirds already had a reduced fee in operation.

“The 15 providers [who are yet to reduce their charges], including major players such as Citi and Capital One Bank, have simply not announced their decision yet, and are still perfectly within their rights, with a further eight weeks until the deadline,” he added.

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