Updated on December 6, 2018
It may be long before the judges finally decide in favour of consumers in the OFT’s high-court case against seven high-street banks, but the good news is that consumers don’t have to wait for the judgement to be able to avoid getting fleeced by banks and credit card companies. Certainly the government has not introduced some new consumer-friendly legislation, but even then avoiding the greed of credit card companies has now become a possibility for consumers such as you. This comes on the back of the OFT’s recent announcement that it will soon be launching a credit card comparison website, especially designed keeping in mind the needs and requirements of consumers. The site will definitely benefit consumers because it will have everything that consumers need to know about avoiding the potential pitfalls of credit cards. It will also help consumers in understanding all the various technical terms and jargon that credit card companies usually print in their offer document which can mislead consumers about interest rates and other fees and charges.
In its announcement, the Office of Fair Trading (OFT) has said that the proposed website will have an automated online tool that will help consumers select the most consumer-friendly credit card that might be available. For this, consumers will just have to enter their basic details and needs and requirements in an online form. The software supporting online credit card comparisons will then automatically search for the best credit card deals and make them available to consumers. The OFT says that the website will prove very useful for consumers who do not have time to search for the best credit card deals or those who just ignore this vital need and end up paying the high rates and charges mandated by credit card companies. The OFT expects that the website will be a huge hit amongst consumers looking for cost-effective credit card deals.
So, should you wait till the launch of the OFT’s credit card comparison website? Well, not necessarily because credit card comparison websites are already there on the web, quite similar and maybe even better than the one proposed by the OFT. However, I would also recommend that you exercise caution because not all comparison websites that are currently available can be classified as reliable. Some may just be acting in collusion with card companies trying to sell expensive credit cards to gullible consumers. Keep away from such websites if you do not want to end up with huge credit card debts.