The site’s aims are to offer unbiased information to help people decide which sort of credit cards best suit their needs, supply advice on managing money for those struggling with repayments or adverse credit, along with details of any help and support that is available, as well as answering basic questions consumers may have about credit cards.
The stated goals are to raise consumer awareness of:
• The benefits and risks of credit card use
• How credit cards work
• What should be considered before choosing a credit card
• How to compare credit card products
• How credit card companies make their decisions
• What to think about when using a credit card
• What to do if you get into difficulties
Sandra Quinn, Director of communications at APACS, says: “The UK has one of the most competitive credit card markets in the world with around 1,500 different cards to choose from, so selecting the right one can be a time-consuming process.”
The site was created by APACS, the UK payments association, which represents all of the major UK credit card issuers to provide information directed at better education on the issues surrounding credit cards to help consumers fully understand their choices, rather than actually comparing specific cards.
“The UK cards industry is committed to improving consumer understanding of credit cards to encourage responsible borrowing. This goes hand in hand with our members’ commitment to responsible lending.”
The website tries to give the types of features which people should look for when choosing a card depending on their usual patterns of spending behaviour, such as, people who regularly clear their balance each month would be best advised that interest rates may be of less importance than whether there is an annual fee or a rewards programme associated with a particular card.
Other help given by the site includes details on how credit cards work, what happens during application procedures, advice on the responsible use of credit cards, and what to do if you find yourself in trouble with debt.
What the site doesn’t attempt is to look at specific cards to compare rates and benefits, therefore consumers will still need to consult tables in newspapers or financial comparison websites such as Moneynet, if they are to make truly informed decisions. These days there are so many sources of information available which quickly enable financial products to be judged side by side that there is no real excuse for consumers to suffer from exorbitant rates of interest or inferior services, but the public needs to take an interest in their own finances if they are not going to be taken for a ride.
Resources: Credit card advice - choosingandusing.com ( <a href="https://http://www.choosingandusing.com/" target="_blank">http://www.choosingandusing.com/</a> ) Credit card comparisons - Moneynet ( <a href="https://http://www.moneynet.co.uk/credit-card/index.shtml" target="_blank">http://www.moneynet.co.uk/credit-card/index.shtml</a> )
Article Source: https://www.bharatbhasha.com
Article Url: https://www.bharatbhasha.com/consumer.php/32999
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