Credit cards could see tougher regulation following reforms

Credit cards could see tougher regulation following reforms

Amid falling satisfaction over credit cards and outcries over the marketing of payday loans, the Financial Services Consumer Panel is backing the full responsibility for all retail financial services to be handed to the new Financial Conduct Authority.

 

Currently, the Financial Services Authority monitors mortgages and bank accounts, while the Office of Fair Trading regulates consumer credit, which includes credit cards and payday loans. The Consumer Panel now wants to see consumer credit regulation passed over to the new FCA.

 

Chair of the panel, Adam Phillips (pictured), said the reform would boost consumer protection. He described the creation of the new regulator as "a golden opportunity to end the historical anomaly that leaves consumer credit alone outside FSA regulation."

 

The new regulator will have to tackle a number of issues that have already been flagged by consumer groups. One of these is overdraft charges, which have been shown to be too complicated to understand in many cases.

 

Banks agreed to a voluntary code to increase transparency last November, but watchdogs are keen to ensure that the new regulator has sufficient power to tackle such issues directly.

 

Using the example of bank overdrafts, Mr Phillips explained how overlaps in current regulatory systems left room for confusion.

 

"Consumers would be surprised to learn that the FSA regulates the notification of an unauthorised overdraft and the grounds on which payments may be bounced but not the overdraft itself, which is regulated by the Office of Fair Trading", he said.

 

"In the circumstances, it’s not surprising that banks have been able to profit from the resulting confusion."

 

A Measure of Things to Come

The FSA has fined the Royal Bank of Scotland £2.17 million after it was revealed that managers in its insurance operations, Churchill and Direct Line, blackmailed employees to tamper with complaint files that were due to be inspected by the FSA. Disciplinary action was threatened if staff did not comply.

 

The FSA ruled that 27 out of 50 case files had been changed before submission on account of the firms’ failings, and charged the insurers for failing to conduct their business with "due skill, care and diligence". Liability for the £2 million fine falls upon parent company UK Insurance, which is owned by RBS.

 

This is likely to heap more pressure on the taxpayer owned bank, which has already suggested that it is prepared to defy political expectations to offer its Chief Executive a bonus that will likely exceed his £1.2 million salary.


Consumers will hope, no doubt, that with the satisfaction levels of credit cards at a new low, and complaints against payday loans company rising, direct action will compel creditors to raise their game accordingly.

 

Keith McDonald
Which4U Editor

Thursday, 19 January 2012 11:07
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Top 5 Credit Cards

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Balance Transfers
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Barclaycard Platinum (22 Month BT)
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0%
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0%
3 mths
17.9%
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Barclaycard Platinum (21 Month BT)
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Barclaycard Platinum (21 Month BT)

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Introductory Offer
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Halifax Balance Transfer Card

Introductory Offer
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Virgin Credit Card

Advice

Virgin Credit Card now uses the 'PayPass service' meaning you can pay for items of £15 or less without having to key in your PIN, simply by hold the card close to a card reader to make the transaction!!!

Introductory Offer
Balance Transfer Rate: 0% for 20 mths
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Purchases: 16.8% p.a. (variable)
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Balance Transfers: 16.8% p.a.
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Credit Limit: Subject to Status
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Nationwide Select Credit Card

Advice

Balance transfers offer is only applicable to transfers made in the first 3 months of account opening and are subject to a 2.95% Balance Transfer fee (£3 Minimum). Also, get commission free card purchases abroad & 0.5% Cash Back on all Sterling spend!

Introductory Offer
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Credit Limit: £25,000
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Cashback
Standard Cashback Rate: 0.50%
Approval Criteria
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MBNA Credit Card

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You are also able to transfer cash from this card to your current account. This is classed as a 'Money Transfer' and subject to a 4% fee. Get 0% p.a. for 20 months from account opening date, on transfers made within the first 60 days

Introductory Offer
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Representative Example: Representative 16.7% APR variable. Based on no annual fee, assumed borrowing of £1,200, rate of interest variable (annual) 16.7%
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Credit Limit: Subject to Status
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Balance transfers & money transfers must be made within 60 days of account opening date
Maximum 50 interest free days on purchases only, if you pay your statement balance in full and on time every month.

NatWest Platinum

Introductory Offer
Balance Transfer Rate: 0% for 22 mths
Balance Transfer Fee: 3.20%
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Purchases: 17.9% p.a. (variable)
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Credit Limit: £25,000
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RBS Platinum

Introductory Offer
Balance Transfer Rate: 0% for 22 mths
Balance Transfer Fee: 3.20%
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 17.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.95% (variable) your Representative APR will be 17.9% (variable).
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Balance Transfers: 17.9% p.a.
Cash Advance: 24.9% p.a.
Annual Fee: N/A
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Credit Limit: £25,000
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Halifax 20 Month BT Card

Introductory Offer
Balance Transfer Rate: 0% for 20 mths
Balance Transfer Fee: 3%
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Representative APR
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Representative Example: If you spend £1,200 at a purchase interest rate of 17.95% (variable) your Representative APR will be 17.9% (variable).
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Cash Advance: 23.95% p.a.
Annual Fee: N/A
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Credit Limit: Subject to Status
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  • You DO NOT any CCJs or have been made Bankrupt
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Barclaycard Platinum (Low Fee)

Introductory Offer
Balance Transfer Rate: 0% for 16 mths
Balance Transfer Fee: 1.60%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 18.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.5% (variable) your Representative APR will be 17.5% (variable).
Annual Rates
Balance Transfers: 18.9% p.a.
Balance Transfer Fee: 3.20% p.a.
Cash Advance: 27.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are 21 years or over
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  • You have no history of bankruptcy, had an IVA's or CCJ's.
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  • You have a regular income of more than £20,000 per annum
  • You have not been declined for credit in the last six months.
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Bank of Scotland Plus Credit Card

Introductory Offer
Balance Transfer Rate: 0% for 18 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 16.94% (variable) your Representative APR will be 16.9% (variable).
Annual Rates
Balance Transfers: 16.9% p.a.
Balance Transfer Fee: 3% p.a.
Cash Advance: 27.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
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Nationwide Credit Card

Advice

Balance transfers offer is only applicable to transfers made in the first 3 months of account opening and are subject to a 2.95% Balance Transfer fee (£3 Minimum). Also, get commission free card purchases abroad!!

Introductory Offer
Balance Transfer Rate: 0% for 17 mths
Balance Transfer Fee: 2.95%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 15.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 15.9% (variable) your Representative APR will be 15.9% (variable).
Annual Rates
Balance Transfers: 15.9% p.a.
Cash Advance: 27.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: £25,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
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Sainsbury's Finance Credit Card

Advice

Please note - Nectar points are NOT earned using this Credit Card. If you wish to collect Nectar points with your credit card you should apply for the 'Sainsburys Nectar Credit card'.

Introductory Offer
Balance Transfer Rate: 0% for 12 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 12 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 16.94% (variable) your Representative APR will be 16.9% (variable).
Annual Rates
Balance Transfers: 16.9% p.a.
Cash Advance: 24.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: £25,000
Interest Free Days: Up to 59 days
On-Line Banking: Yes
Approval Criteria
  • YOU MUST HAVE A NECTAR CARD IN ORDER TO APPLY FOR THIS CREDIT CARD (Nectar points are NOT earned using this Credit Card)
  • You have a permanent UK address
  • You are 18 or over
  • You have not been declined for credit in the last month
  • You do not have a history of bad credit
  • You are not an existing Sainsbury's Bank Credit Card holder

Sainsbury's Finance Nectar Credit Card

Advice

Earn up to Double Nectar points for every £1 you spend in Sainsbury's stores and online for the first two years. YOU MUST HAVE A NECTAR CARD IN ORDER TO APPLY FOR THIS CREDIT CARD (Nectar points are NOT earned using this Credit Card)

Introductory Offer
Balance Transfer Rate: 0% for 15 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 16.94% (variable) your Representative APR will be 16.9% (variable).
Annual Rates
Balance Transfers: 16.9% p.a.
Cash Advance: 24.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: £25,000
Interest Free Days: Up to 59 days
On-Line Banking: Yes
Approval Criteria
  • YOU MUST HAVE A NECTAR CARD IN ORDER TO APPLY FOR THIS CREDIT CARD (Nectar points are NOT earned using this Credit Card)
  • You have a permanent UK address
  • You are 18 or over
  • You have not been declined for credit in the last month
  • You do not have a history of bad credit
  • You are not an existing Sainsbury's Bank Credit Card holder

MBNA Play.com Credit Card

Advice

Receive 1,500 bonus Play Points if you spend £150 on your card within 90 days of your account opening - you can redeem these Points for a £15 Voucher!

Introductory Offer
Balance Transfer Rate: 0% for 6 mths
Balance Transfer Fee: 1.50%
Purchase Rate: 0% for 9 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: Representative 16.9% APR variable. Based on no annual fee, assumed borrowing of £1,200, rate of interest variable (annual) 16.9%
Annual Rates
Balance Transfers: 16.9% p.a.
Cash Advance: 27.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 50 days
On-Line 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
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

Halifax All In One

Advice

Currently offered are three APRs depending on circumstance – 17.9%, 21.9% and 23.9%. If you are accepted at the highest rate of 23.9% APR variable you may not be offered an introductory period on balance transfers and purchases.

Introductory Offer
Balance Transfer Rate: 0% for 15 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 15 mths
Representative APR
Purchases: 17.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.95% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 17.9% p.a.
Balance Transfer Fee: 3% p.a.
Cash Advance: 27.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You are a permanent resident/citizen of the UK
  • You have NOT been declined for a Halifax or Bank of Scotland Credit Card in the last 6 months
  • You DO NOT any CCJs or have been made Bankrupt
  • You have NOT missed payments on your current store cards, credit cards, loans or mortgages
  • You ARE in employment (receiving an annual salary)
  • You can provide a telephone number that you can be contacted on

Bank of Scotland All In One

Introductory Offer
Balance Transfer Rate: 0% for 12 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 12 mths
Representative APR
Purchases: 17.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.95% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 17.9% p.a.
Balance Transfer Fee: 3% p.a.
Cash Advance: 27.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You are a permanent resident/citizen of the UK
  • You have NOT been declined for a Halifax or Bank of Scotland Credit Card in the last 6 months
  • You DO NOT any CCJs or have been made Bankrupt
  • You have NOT missed payments on your current store cards, credit cards, loans or mortgages
  • You ARE in employment (receiving an annual salary)
  • You can provide a telephone number that you can be contacted on

Lloyds TSB Platinum

Advice

Keep track of your money across your Lloyds TSB personal current and credit card accounts with Money Manager and Active Account Monitoring to spot any suspicious spending.

Introductory Offer
Balance Transfer Rate: 0% for 15 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 17.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.95% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 17.9% p.a.
Cash Advance: 27.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £25,000 p.a

Barclaycard Gold

Introductory Offer
Balance Transfer Rate: 0% for until Sep 2012
Balance Transfer Fee: 2.50%
Purchase Rate: N/A
Representative APR
Purchases: 19.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 19.9% (variable) your Representative APR will be 19.9% (variable).
Annual Rates
Balance Transfers: 19.9% p.a.
Cash Advance: 27.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You haven't missed multiple payments on a credit agreement within the last 12 months
  • You don't have a CCJ (County Court Judgement) or IVA (Individual Voluntary Arrangement) and haven't been registered bankrupt
  • You don't already have a Barclaycard
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £10,000 p.a

Post Office Mastercard

Advice

Get 0% commission on credit card purchases overseas (usually 2.75% charge)!!

Introductory Offer
Balance Transfer Rate: 0% for 14 mths
Balance Transfer Fee: 2.98%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: Representative 16.9% APR variable. Based on no annual fee, assumed borrowing of £1,200, rate of interest variable (annual) 16.9%
Annual Rates
Balance Transfers: 16.9% p.a.
Cash Advance: 24.1% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have an income over £8,000 p.a

Sainsbury's Finance Low Rate Credit Card

Advice

There are no balance transfer fees when transferring a balance from another card. Please note - Nectar points are NOT earned using this Credit Card. If you wish to collect Nectar points with your credit card you should apply for the 'Sainsburys Nectar Credit card'.

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 6.90% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 6.95% (variable) your Representative APR will be 6.9% (variable).
Annual Rates
Balance Transfers: 6.90% p.a.
Cash Advance: 24.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: £25,000
Interest Free Days: Up to 59 days
On-Line Banking: Yes
Approval Criteria
  • YOU MUST HAVE A NECTAR CARD IN ORDER TO APPLY FOR THIS CREDIT CARD (Nectar points are NOT earned using this Credit Card)
  • You have a permanent UK address
  • You are 18 or over
  • You have not been declined for credit in the last month
  • You do not have a history of bad credit
  • You are not an existing Sainsbury's Bank Credit Card holder

Barclaycard Simplicity

Advice

Get 7.9% Representative APR (variable)
(Applies to every purchase and/or balance transfer you make)
No balance transfer handling fee!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 7.90% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 7.9% (variable) your Representative APR will be 7.9% (variable).
Annual Rates
Balance Transfers: 7.90% p.a.
Cash Advance: 15.8% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 21 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £20,000 p.a

Lloyds TSB Advanced Mastercard

Advice

You must spend a minimum of £100 in the 1st 3 months or the 6 month 0% purchase duration is reduced to 3 months only. Keep track of your money across your Lloyds TSB personal current and credit card accounts with Money Manager and Active Account Monitoring to spot any suspicious spending.

Introductory Offer
Balance Transfer Rate: 4.90% for 12 mths
Balance Transfer Fee: 1.50%
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 11.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 11.95% (variable) your Representative APR will be 11.9% (variable).
Annual Rates
Balance Transfers: 11.9% p.a.
Cash Advance: 24.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £25,000 p.a

Amex Platinum Cash Back

Advice

Get 5% cashback on up to £2,000 spend within 1st 3 months (Max £100). After this you can earn cashback rates of 1.25% with NO spend limit!!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 18.5% p.a. (variable)
Representative Example: If you spend £1,200 at an annual interest rate of 14.0% (variable) with a £25 annual Fee your Representative APR will be 18.5% (variable).
Annual Rates
Balance Transfers: 18.5% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: £25 p.a.
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Cashback
Introductory Cashback Rate: 5% p.a.3 mths
Standard Cashback Rate: 1.25%
Approval Criteria
  • I am aged 18 or over
  • I have a current UK bank or building society account
  • I have a permanent UK home address
  • I have a household income of at least £20,000
  • I have no history of bad debt
  • If self-employed, I have been working for more than one year.

AA Balance Transfer Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 16 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 17.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 17.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line 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
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

AA Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 12 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 10 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 16.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line 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
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

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