We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

MSE Consultation response to the FCA credit card market study

Former_MSE_Wendy
Former_MSE_Wendy Posts: 929 Forumite
I've been Money Tipped! Newshound! PPI Party Pooper Chutzpah Haggler
edited 15 January 2015 pm31 4:51PM 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!
*** Get the Martin's Money Tips Free E-mail at www.moneysavingexpert.com/tips ***

Comments

  • G6JPG
    G6JPG Posts: 147 Forumite
    Part of the Furniture Combo Breaker
    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.
  • G6JPG
    G6JPG Posts: 147 Forumite
    Part of the Furniture Combo Breaker
    (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.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.9K Work, Benefits & Business
  • 617.2K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.