Gocompare.com’s head of money Matt Sanders comments on the FCA’s credit card market study final findings
The Financial Conduct Authority (FCA) has published the final findings of its study of the credit card market, and set out a package of measures, including a series of proposals to help consumers take better control of their spending.
Matt Sanders, head of money at Gocompare.com, commented: “The measures outlined by the FCA represent a positive step forward in terms of encouraging providers to communicate more effectively with credit card customers around minimum payments and the end of promotional periods.
“Simple things like being able to sync monthly credit card payments to salary pay dates can make a big difference. Similarly, regular texts or notifications to remind you of your balance or to talk about the merits of increasing your minimum payment could help foster a more grown-up relationship between provider and cardholder.
“Promotional period end prompts could make a big difference too. Balance transfer periods are getting longer and there is clearly a risk that consumers will forget about the end date until they start to see the interest coming through on their statement. Providing a prompt, possibly with an indication in pounds and pennies of what the interest will be, will give more customers an opportunity to switch before the interest is added, rather than after.”
Gocompare.com has created a dedicated guide to balance transfer cards.
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