KEY POINTS:
LONDON - British banks are trying to overturn protection for consumers shopping abroad on their credit cards.
Credit card providers are appearing in the House of Lords to appeal against a ruling that gives consumers using cards abroad the same protection they have in the UK.
It comes amid a consumer revolt on current account and credit card charges that is costing the industry billions.
The Office of Fair Trading is investigating banks' pricing structures in a wide-reaching study that is due to be published by the end of the year.
It has already forced providers to cut credit card default charges to £12 or less.
Under section 75 of the Consumer Credit Act, card issuers are jointly liable with suppliers if there is a problem with goods or services, provided the price of the item is between £100 and £30,000 and is paid for with the card.
British consumers spent £10 billion ($26.8 billion) in overseas credit card transactions in 2006.
- Reuters
