Separate research by FDR shows a record 40 million credit card transactions on one day, December 16, equivalent to 250 cards being swiped every second. A bewildering amount of choice We've all got the plastic habit. Gone are the days a couple of decades ago when you had a choice of just two card providers - Barclaycard or Access. Now the British credit card market is crowded with some 60 providers offering around 1500 differently branded cards offering bewildering combinations of interest-free periods, competitive rates of interest in addition to other benefits, such as air miles, charitable contributions, insurance and even moneyback offers. The government's looking for responses to its credit card CAT proposals until April 30.
Legislation is likely to follow at some stage, general election prospects notwithstanding.
Full details of the proposed terms are included in the consultation document. More Cat's to follow Draft CAT standards have also been produced for basic bank accounts although these are likely to be far less contentious among customers and the banking business. Check moneyextra's Credit Cards Centre for more information. The PIA does not regulate mortgages, current or deposit accounts, credit cards, loans or general and medical insurance.