11 February 2008
An independent website to help consumers compare credit cards is to be launched by City watchdog the Financial Services Authority.
The move follows recommendations by the Office of Fair Trading (OFT) designed to help consumers get a better credit card deal.
The OFT report into credit card comparisons follows a super-complaint from consumer group Which? in April last year.
Which? said people choose credit cards without understanding all the issues that affect the cost of the card, and OFT research later showed that 70 percent of credit card holders do not shop around.
John Fingleton, chief executive of the OFT, said:
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.
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