OFT launches site to help credit card customers

The Office of Fair Trading is launching a credit card comparison website that will enable consumers to shop around more effectively to find the right credit card without the risk of getting ripped off over how much they pay for their credit card use.

The decision to launch this site comes following concerns that consumers are failing to shop around for their credit cards, thus paying over the odds for their credit card use.

This comes as part of a number of moves designed to make it easier to find a card that does not cost over the odds.

One industry official stated: “No one wants to throw money away, but consumers who don’t shop around for credit cards are doing just that. It is essential that consumers are given the right tools to make comparisons between credit cards more easily, and we can achieve this through some of the recommendations announced today which have received widespread support.”

The OFT plans to stop credit card companies from using complicated financial jargon in small print, which often confuses customers, and also wants providers to be more transparent about terms and charges in marketing materials and on statements.