MSE Consultation response to the FCA credit card market study

edited 15 January 2015 at 5:51PM in Campaigns corner
2 replies 3.7K views
Former_MSE_WendyFormer_MSE_Wendy Campaigns ManagerFormer MSE
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edited 15 January 2015 at 5:51PM in Campaigns corner
The financial regulator is looking into what works well and what doesn't work well in the UK's credit card market.

We submitted the following response to it's call for evidence: FCA Credit Card Market Study

Do let us know what you think!
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  • G6JPGG6JPG Forumite
    146 Posts
    The first paragraph, summarising what "Consumers use credit cards for ...", might also mention for the protection offered in UK law against suppliers going bust (and other aspects).

    I don't think I've ever had to invoke it, but I rather sense that sellers are more careful (or are made to be by the card companies) because of it.
  • G6JPGG6JPG Forumite
    146 Posts
    (I see the "section 75" protection is mentioned, later, in passing.)

    I like the suggested repayment options you suggest (under the heading Minimum repayments), in particular the idea that the payment necessary to clear in three years be given. (Though I'd say one year would be better, and it should be a fixed amount, not a percentage.)

    You call the phrase 'interest free period' "Bad terminology" on page 5, but you use it yourselves (page 6, fourth bullet).

    Overall, you've put a lot of thought into this.
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