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Credit card users 'to benefit from government initiatives'

Credit card holders are set to benefit from new government measures to promote responsible borrowing and lending, it has been reported.

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23 July 2009

Credit card users 'to benefit from government initiatives'”

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Credit card users and other borrowers will now be entitled to a 14-day period from the day on which a credit agreement is signed in which to change their mind.

Further measures put forward by the Department for Business will include making sure that lenders check consumers' creditworthiness before offering them a loan and explaining financial products to borrowers in full.

The department will publish the measures in draft form to allow experts to provide feedback and then the new laws will be introduced at the end of the year.

Consumer affairs minister Kevin Brennan said: "These changes will build on the real help we're already providing for homeowners, savers, pensioners and people with debts."

Earlier this month, the government published a white paper with proposals also promoting responsible borrowing and lending.

The paper revealed that a new consumer advocate to highlight important consumer issues for the public will be created.

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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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