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Credit card holders confused by interest free periods, warns moneynet
Confusion surrounding the small print on credit card agreements
is leaving card holders in the dark when it comes to paying
bills on time, according to new evidence from online financial
data provider Moneynet
Moneynet argues that wide variations between plastic
providers in the length of interest free time allowable on their
cards has created confusion among consumers. The end
result, warns Moneynet, is that card firms are boosting their
profits while prudent card holders are being penalised.
"The recent decision by some major card firms to
slash interest free periods is bound to prompt rival card firms
to follow suit," said Moneynet chief executive Richard Brown.
"The majority of adults now carry at least two credit
cards and an average of one store card, and with different
clauses surrounding interest free days from card to card, it's
no wonder that people are in danger of being caught out."
Prudent card holders who want to clear their debt
typically have up to 56 days grace in which to do so. But by
reducing this 'free' time, credit card companies are more likely
to be able to drive up profits. Moneynet also reports
mounting anecdotal evidence of its users being caught out by
varying rules between card companies. "One issue is
precisely when an interest free period begins and ends," argues
Brown. "There is not an interest free period on
purchases with the majority of cards, for example, if the
monthly balance is not cleared in full and on time. But in our
view card firms do not make this clear enough. In addition, the
fact that some companies charge interest from the date of
purchase whilst others are charging from the date the
transaction is charged to the account only adds to the
confusion. "Part of the problem is that there is so
much crucial detail buried in the small print - we'd like to see
a standardised warning printed on credit card statements
detailing in the simplest possible terms what interest free
privileges card holders enjoy. And what kind of financial
penalties they can expect if they do not clear their balance
every month." Consumer enquiries: 0208 460 2833/ Moneynet Press
enquiries: Richard Brown, Chief Executive, 020 8313
9030 David Andrews, David Andrews Media Ltd 07941
255855/01273 774109 Editor's notes
Moneynet.co.uk is the UK's longest established online personal
finance research and data analysts. The company offers consumers
a choice of thousands of low cost financial services products.
From mortgages, personal loans to motor, home and medical
insurance, credit cards, savings accounts and best buy fixed
rate products, Moneynet is one of the most comprehensive online
services of its kind in the UK. Founded by chief executive
Richard Brown, the Moneynet brand is destined to become one of
the UK's major players in consumer finance products.
About the author:
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