The government has announced plans to help consumers see if they are being ripped-off by their credit card companies by launching a new online comparison service.

Ministers want to make it clear for consumers to find out if they are being treated fairly by their credit card lender and will launch a new online service that allows the public to compare rates across the credit card industry.

The Independent reports than from next year, the Treasury will force all credit card firms to produce standard electronic statements that can then be uploaded by the card user to the Government’s Moneymadeclear website to compare credit card rates and usage. The site will also recommend other credit cards that may offer a better deal.

It is understood that the Conservative Treasury minister, Mark Hoban, and Ed Davey, the Liberal Democrat consumer minister, are pushing for the scheme to be widened to savings accounts, current accounts and mortgages.

The Moneymadeclear website is the work of the Consumer Financial Education Body, which was launched in April to enhance the public’s understanding of their own financial affairs.

Similar Posts:

Share