Credit Card And Finance News

The OFT (Office of Fair Trading) have just published their report into credit card comparisons. The report was bought on by a complaint which highlighted the fact that many consumers choose credit cards without realising or understating the true cost of the credit card. The report by the OFT actually shows that around 70% of consumers do not shop around before choosing a credit card – whether this figure was representative for student credit cards or not was not stated.

The OFT has stated that they want consumers to be able to choose the right credit cards, and has come up with a series of recommendations. The recommendations are based on the findings that consumers find comparing credit card products relatively difficult. This can be due to complexity, the way they are described, and the amount of regulated information deterring consumers in reading product information

The recommendations include:

a) Having the FSA come up with a price comparison website for credit cards.
b) Information being presented in a consistent way – using summary boxes and information in a tabular form
c) Standard terminology so a consumer shopping for a credit card can compare credit card products more easily.
d) Establishing a consumer education strategy – in conjunction with the OFT, which can help educate consumers about credit cards and shopping around for the most suitable card for their needs.

More information on credit cards – and specifically the best credit cards for student, can be found on our dedicated student credit card page  

Are credit card providers rejecting more applications
On 01-Dec-2008 under Credit Cards
With the credit crunch taking hold - there has inevitably been talk of credit card providers tightening their lending criteria. Credit card companies seem to be more reluctant to loan people money, an read more...

Do students use credit cards wisely
On 04-Nov-2008 under Credit Cards
Students have always been perceived as a group that struggles to make ends meet, paying fees, rent and food without having regular incomes. It’s no surprise therefore that some students look far read more...

Financial advice for cash strapped graduates
On 09-Oct-2008 under Credit Cards
Graduates entering the full-time job market during the economic downturn need to learn to budget, according the Times Money.The publication has warned that graduates will be "carrying a huge amou read more...