The Office of Fair Trading (OFT) has announced that it will be taking steps to generate a higher level of transparency for consumers when taking out credit card deals.
It is the body's intention to make credit card prices easier to understand, as it believes that the growth in new products is creating confusion among many who take out the financial products.
The Office of Fair Trading is acting in the wake of what it refers to as a "super complaint" made by consumer watchdog Which? revealing that not all customers fully understand the complications and ramifications of their agreement when taking out credit cards.
John Fingleton, chief executive of the organisation, said that the growth in deals such as 0% credit cards and balance transfer cards has led to greater complexity.
"While these new pricing dimensions give additional choice and value to consumers, they can make it harder for consumers to make informed decisions," he added.
However, in response to the announcement, Which? claimed that more action is still needed to protect credit card customers.
News Side
OFT aims to make credit cards more transparent
Wed, 27 Jun 2007
Recommended links
Portal to find the best credit card dealsCompare today's credit card deals
Find a 0% credit card
Looking for a balance transfer card?
Consumer caution urged for 0 per cent credit card offers
Credit card customers 'becoming more responsible'
news content
Search
