Consumers 'struggle to compare credit cards'
Published on : 18/03/2008
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A money education charity has stated that consumers in the UK generally struggle to compare credit cards due to the way they are measured against each other.
Credit Action has stated that because credit is priced with percentages as opposed to pound signs, people are often unsure of what to take into account when considering a deal.
The organisation's director Chris Tapp added that credit card companies could possibly do more to help consumers make informed decisions on the options available to them.
"Credit card companies could display the actual cost of credit in pounds… so you could look at the actual cost rather than just being given a percentage," he explained.
He added that consumers should also be told about charges associated with withdrawing cash and spending abroad.
"That sort of information needs to be available up front and not buried in small print where people cannot find it," he concluded.
Recent research by MoneyExpert showed that 3.2 million people in the UK have five or more credit cards.
