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Department for Business: Credit card customers will be put back in the driving seat

The government is determined to put customers "back in the driving seat" in the credit card market, it has stated.

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13 November 2009

Department for Business: Credit card customers will be put back in the driving seat”

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A spokesperson for the Department for Business said the recent government consultation on the credit card industry should give credit card holders a "better deal".

The comments were made in response to a report by PricewaterhouseCoopers on the future of the credit card industry.

The report forecast that interest rates on cards would increase in the future and charges could rise.

"At the higher end of the market customers will pay for access to premium benefits and at the lower end more marginal customers will be expected to pay for even a standard credit card," it predicted.

However, the spokesperson for the Department for Business stated that the report was incomplete.

"The PricewaterhouseCoopers report fails to reflect the many positive options credit card companies have to reform the current system," he noted.

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	Tesco ClubCard Credit Card
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16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
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16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
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	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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