New credit card pricing launched by OFT

29/06/2007

OFT the Office of Fair Trading has introduced a probe in today’s credit card market. This enables customers to a choice of better credit cards and switch easier to the finest deals.

Looking at today’s figures, nearly 6 in 10 card holders told uswitch.com they are not giving the option for them to compare credit card deals and by adding the averages, customers stay dedicated with their current provider for over six years.

However some deals introduced are simply ‘ money making ways’ for providers if cardholders choose the wrong credit card deal , warned the uswitch.com

This a clear example, a 13 month zero per cent balance transfer deal alongside a zero per cent deal via new purchases for 12 weeks could show an excellent offer for cardholders who know how to take advantage of this type of deal, customers that do not have an idea of how to use this advantage could lose funds in the long-term.

Nearly 75 per cent of cardholders have no idea how charges are set when they decide to use an ATM machine let alone credit card advantages and disadvantages.