Will CC offerings improve after Brexit?

Malkytheheed

Please before reading. Ths is not an argument about Brexit. or a pro or anti EU thread. It's about finnancial products in relation to brexit.

I have a few USA credit cards and they are infinitely better than the UK offerings. Like, seriously, massively better offerings. I regularily get free flights, hotel stays, considerable cashback etc etc and it costs me not a penny for any of it. UK cards are absoutely rubbish in comparison.
Now I know why this is, because there are so many consumer hand holding rules and regs surrounding cc's and finnancial products put in place by the EU. (At least I belive it was the EU). It seems a bit like because some can't be trusted then noone gets anything nice.

Anyway, I was wondering if once we leave the EU the UK will change these regs and allow proper rewards cards and less of the consumer hand holding hinderences. What direction do you think the UK will take? Will it likely to keep an EU style system or move away from it? Are better rewards on the horizon or no chance? Will the shackles be off, so to speak.

BoGoF

You honestly expect anyone here to know the answer to that?

Malkytheheed

BoGoF wrote: »

You honestly expect anyone here to know the answer to that?

Im not looking for a difinative answer...
Im looking to see people feelings on the matter. What they feel MIGHT happen. You know.... How a forum usually works.

stehouk

This isn't called rip off Britain for nothing, i think the yanks are over here for the rich pickings on offer and know that we will put up with it.
I have the feeling things are going to get worse, look at the poor rewards from cards and the lack of 0% cards available coupled with the reducing length of the offer.

Jayh90

I get your referring to chase in USA?

northwalesd

I think any change for the better is extremely unlikely.

eskbanker

Malkytheheed wrote: »

Now I know why this is, because there are so many consumer hand holding rules and regs surrounding cc's and finnancial products put in place by the EU. (At least I belive it was the EU). It seems a bit like because some can't be trusted then noone gets anything nice.

Anyway, I was wondering if once we leave the EU the UK will change these regs and allow proper rewards cards and less of the consumer hand holding hinderences. What direction do you think the UK will take? Will it likely to keep an EU style system or move away from it? Are better rewards on the horizon or no chance? Will the shackles be off, so to speak.

Although you say you don't want the thread to go down the pro- or anti-EU route, it's patently obvious from your post that you subscribe to the narrative that the EU has been holding the UK back, so surely if you believe that then you'll be expecting things to be better once "the shackles are off" and the "hinderences" removed?

Perhaps you're right but whenever people post this sort of stuff, nobody ever seems to be able to justify it by actually providing any sort of evidence that the UK would choose a different direction.

It's undoubtedly true that the EU credit card landscape differs significantly from the US one, and here there are initiatives such as the interchange rate cap that substantially reduced the profitability of card providers, but in turn led to lower costs for retailers that should have been shared with consumers, while the PSD2 removal of credit card surcharges was also (on the face of it) to the advantage of cardholders. To me, if the UK changed the regulations in these areas, it's far from a given that this would benefit consumers, and could very easily go the other way....

2e0arr

the only things certain about brexit is the price of oven chips and margerine will rise .

Malkytheheed

eskbanker wrote: »

Although you say you don't want the thread to go down the pro- or anti-EU route, it's patently obvious from your post that you subscribe to the narrative that the EU has been holding the UK back, so surely if you believe that then you'll be expecting things to be better once "the shackles are off" and the "hinderences" removed?

I meant i dont want it to go down the pro/anti EU route in general.
For the record I am pro-EU and voted to remain. However, when it comes to this specific issue, I think the EU have WAY over interefered with finnancial offerings. The EU isn't black and white with me. It does some good, does some bad.

Malkytheheed

stehouk wrote: »

I have the feeling things are going to get worse, look at the poor rewards from cards and the lack of 0% cards available coupled with the reducing length of the offer.

that is my point. All of those things are down to EU rules.

Malkytheheed

Jayh90 wrote: »

I get your referring to chase in USA?

Chase is one of many I am refering to.