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Credit card quotation searches 'should be available across the board'

Those shopping around for a credit card should have access to quotation searches, it has been suggested by a company dedicated to helping people reconsider the way they think about money.

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2 November 2009

Credit card quotation searches 'should be available across the board'”

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David Kuo, director of The MotleyFool.co.uk, said the current system used by Nationwide and Barclaycard should be rolled out across the board, so that people can have a good idea whether they will be accepted for a credit card or other loan before they decide to apply properly.

This will create transparency within the credit industry and give consumers more confidence about shopping around for a good credit card deal, he added.

Mr Kuo's comments come after a treasury committee met to discuss the effect of multiple credit searches on individuals' credit ratings.

During the meeting, committee chairman John McFall stated the current system where potential credit card holders could be penalised for shopping around for a good deal is a real problem that requires further investigation.

"People should be able to shop around without being fearful that whoever is looking at the information is going to make judgements about them, which, in some cases, is going to be totally unrepresentative of the person themselves," Mr Kuo added.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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