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Government to reveal white paper on credit cards

Lenders will no longer be able to send out unsolicited credit card cheques, it has been reported.

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30 June 2009

Government to reveal white paper on credit cards”

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The government has said it will ban the practice in proposals set out in its consumer white paper.

Many believe that the practice can encourage people to go further into debt.

The government will also prevent lenders from raising customers' credit card borrowing limit when credit card holders have not asked for an increase.

According to the Daily Telegraph, this move could be welcomed by consumer groups and charities which have urged the government to take action against such practices as they fear vulnerable people can fall further into debt as a consequence.

The government could also introduce tighter regulation of APR figures, according to FinancialAdvice.co.uk.

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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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