Credit card users 'deserve a fairer deal'

Thu 21 Jan 2010 - Published in Credit Cards

Credit card providers should give their customers a better deal, it has been suggested.

Price comparison website moneysupermarket.com has responded to the Department for Business, Innovation and Skills' consultation on credit cards and recommended that providers use clearer terms and conditions.

Tobias Van Der Meer, managing director of the organisation, explained that the cards are useful for customers who want to spread the cost of purchases and are a convenient source of credit for many people.

"Only about one in three credit card customers actually use their card to borrow money. Even so it is vital that consumers are empowered and educated to use this form of credit responsibly and to manage their finances efficiently," he commented.

In its response to the consultation, moneysupermarket.com recommended that it would be fairer to card customers if their most expensive debt was paid off first, while they should not have their credit limit increased without their knowledge.

The organisation also revealed that it does not support an increase in the level of minimum payments, as this could force some users into financial difficulty.

Recently, card protection provider CPP found that Cardiff has overtaken London as the UK's card fraud hotspot.

News Categories

News Archive

News: Credit card users 'deserve a fairer deal'