Credit card comparison site will definitely help people to have a better deal on plastic money. It will also advise how to use plastic money in a rational manner.
London (Ask4loan) February 20, 2008: Time has come for fair deal on plastic money. Financial Services Authority, the industry regulator, is set to launch a Web site to help consumers compare credit cards and get a better credit card deal. This has been recommended by the Office of Fair Trading (OFT).
The website will include details on credit card marketing materials and statements, standardisation of terminology used in product literature. This is aimed at increasing consumer education on the benefits of shopping around for a credit card.
"No one wants to throw money away, but consumers who don't shop around before purchasing credit cards are doing just that," said John Fingleton, chief executive of the OFT. This website will definitely help Britons to have a sound idea on credit cards and will definitely curb its misuse. Here, consumers will be given the right tools to make comparisons between credit cards more easily. This site will help the customers to make better decisions by building upon the work already undertaken by the industry - to make credit card products more transparent.
Many credit cards allocate payments first towards outstanding balances that involve low rate of interest but leave balances charged at higher interest rates. Comparison in this regard will definitely help a lot. Customers, fed up with the adverse order of payments by credit cards will now have sharper weapon in their hands to have the cutting edge.
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