Up to 70% of credit card holders did not shop around, says report
February 12, 2008 by admin
Filed under News, News-Credit-Cards
A new report has revealed that up to 70 per cent of credit card holders did not shop around before selecting their current card. 
The findings from the Office of Fair Trading (OFT) indicate that this could put these spenders at a financial disadvantage.
Research for the report looked at issues surrounding the comparative costs of using various cards for purchases, cash advances, introductory offers and payment allocation.
John Fingleton, OFT chief executive, said: “No-one wants to throw money away, but consumers who don’t shop around for credit cards are doing just that.”
He added that it is essential that consumers are now given the right tools to make comparisons between credit cards more easily.
The report recommended that an independent comparison tool for credit cards needs to be introduced by the Financial Services Authority as well as improvements in how card providers show how information to consumers.
Meanwhile, Reuters has reported that the OFT is considering launching an enquiry into internet bank, Egg.
The news comes following the company writing to 161,000 customers to cancel their credit cards.
