Excessive charges

I received a letter from a credit card company. It announced the "administration fee" for the following:

1. Late payment - $40
2. No money in the bank account for GIRO deduction - $50

These fees are in additional to the high rate of interest levied on the overdue balances.

These fees are excessive. I do not mind paying a fee that covers the additional cost to the company due to the oversight. But it is morally wrong for them to impose an excessive fee to increase their profit.

At one time, only the Government had the right to impose fines. Now, it seems that businesses feel that they have the same right!

I called the credit card company and cancelled the card immediately.