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Ban for Credit Card Cheques

Ban for Credit Card Cheques
Credit card cheques are to be banned by the government as part of a new consumer protection scheme.

The Bank of England released figures showing that people living in the UK owe £233 billion on credit cards, overdrafts and other forms of loans.

The governments plans include creating a Consumer Advocate, who would focus on raising awareness of consumer issues and where necessary represent groups of consumers in court.

The amount of outstanding credit card debt in the UK has begun to rise again after falling back throughout last year, hitting £54.4 billion.

The government is looking to implement actions to encourage more responsible lending practices after debt levels became a topic of concern during the recession.

Credit card cheques offer an alternative method for spending on credit cards, issued to customers by providers.

However, this spending method has proven to be an expensive tool for consumers, as issuers charge handling fees for using them, with no interest free days given and a different level of protection if issues were to arise.

The government has been under pressure to enforce the ban, and now says this payment method will be banned completely, as well as reviewing credit card fees and charges

It has been found that around a fifth of credit card users in the UK has seen an increase in credit limits in the past year without requesting it.

The government has also been called upon by consumer groups to aid consumers to resolve issues with businesses that they feel have 'ripped them off'.

Ron Gainsford from the Trading Standards Institute said: “The Consumer Advocate proposal is really good news because it will help to further foster a healthy balance between consumers and businesses”.

Written by Sam Gooch

Credit card cheques are to be banned by the government as part of a new consumer protection scheme.
Thursday, 02 July 2009 11:07
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Balance Transfer Rate:
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3%
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15.9% p.a.
Balance Transfers:
15.9% p.a.
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3%
Cash Advance:
27.9% p.a.

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Credit Limit:
Subject to Status
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Up to 56 days
Online Banking:
Yes

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  • You can provide a telephone number that you can be contacted on

Introductory Offer

Balance Transfer Rate:
0% for 10 mths
Balance Transfer Fee:
3%
Purchase Rate:
0% for 10 mths

Typical APR

Purchases:
15.9% p.a.
Balance Transfers:
15.9% p.a.
Balance Transfer Fee:
3%
Cash Advance:
27.9% p.a.

Standard Features

Credit Limit:
Subject to Status
Interest Free Days:
Up to 56 days
Online Banking:
Yes

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  • You are at least 18 Years of Age
  • You are a permanent resident/citizen of the UK
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  • You DO NOT any CCJs or have been made Bankrupt
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5.90% For Life
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Purchases:
16.9% p.a.
Balance Transfers:
16.9% p.a.
Cash Advance:
24.9% p.a.

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Credit Limit:
£50,000
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Introductory Offer

Balance Transfer Rate:
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3%
Purchase Rate:
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Typical APR

Purchases:
11.9% p.a.
Balance Transfers:
11.9% p.a.
Cash Advance:
24.9% p.a.

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Credit Limit:
£50,000
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Balance Transfer Rate:
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Balance Transfer Fee:
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Purchase Rate:
0% for 6 mths

Typical APR

Purchases:
17.9% p.a.
Balance Transfers:
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Cash Advance:
27.9% p.a.

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Credit Limit:
£50,000
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Introductory Offer

Balance Transfer Rate:
0% for 13 mths
Balance Transfer Fee:
3%
Purchase Rate:
0% for 3 mths

Typical APR

Purchases:
16.9% p.a.
Balance Transfers:
16.9% p.a.
Cash Advance:
24.9% p.a.

Standard Features

Credit Limit:
Subject to Status
Interest Free Days:
Up to 50 days
Online Banking:
Yes

Approval Criteria

  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
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