Consumers are regularly winning cases against credit card providers
Posted June 3rd, 2009 Consumers are regularly winning cases against credit card providers when they use the Financial Ombudsman Service (FOS).
A report in the Sunday Times stated that in the majority of cases, FOS finds in favour of the consumer. 75% Of the 18,000 credit card-related complaints the FOS received last year were awarded to the consumer.
The role of the FOS is to mediate cases between financial services companies and members of the public. What’s interesting is that cases involving interest rates had an even higher rate of success of success.
“Almost all the credit card companies subsequently chose to settle the complaints that had been brought against them, rather than have our investigation continue,” the FOS told the Times
The Government has applied a whole load of new regulations this year Credit card firms earlier this year; they were banned from sending unsolicited credit card cheques and upping borrowers’ limits without prior permission.
Prime minister Gordon Brown told consumer watchdog Which? that these practices were not only irresponsible, but were “immoral”.
People who viewed this Page also viewed these Pages
Leave a Comment
Comparison of Top 10 Credit Card Offers
| Credit Card | Card Details | Interest Rate | Cash Advance Rate | Balance Transfer Rate | Annual fee | Interest free days | ||
|---|---|---|---|---|---|---|---|---|
 Halifax All in One Credit Card |
The Halifax All in One credit card offers a great introductory rate, and is perfect for saving you money now as well as in the future. | 15.9% APR | 27.95% p.a. (variable) | 0% for 9 months | No Annual Fee | 59 Days interest free |
 |
|
 Virgin Credit Card |
As well as a great rate, the Virgin Credit Card comes with:
|
16.6% APR (variable) | 27.9% p.a. (variable) | 0% for 16 Months (2.98% fee on balance transfers) | No Annual Fee | 50 days on card purchases |
|
|
 Capital One Classic Visa |
This card is designed for people with bad credit ratings, this is why the rate is quite high. |
Typical 34.9% APR variable | 34.9% APR | 34.9% APR | No Annual Fee | 56 days for purchases. 0 days for balance transfers and cash. |
|
|
|
As well as earning Flying Club miles which you can spend on brilliant rewards like flights, upgrades, car hire and more, a Virgin Atlantic Credit Card gives you up to 46 days interest free on card purchases. |
17.9% APR typical rate | 20.9% p.a. (variable) | 0% for 6 months (2% handling fee) | No Annual Fee | Up to 46 days on card purchases only. |
|
|
|
The Virgin Prepaid MasterCard from Virgin Money is a prepaid Mastercard that you can add funds to, and use these funds for normal purchases. |
N/A | N/A | N/A | N/A | N/A |
|
|
|
5% cashback on purchases in your first three months (up to £4,000 of spend). Thereafter, earn 0.5% on the first £3,500, 1% on £3,501 to £10,000, and 1.5% after £10,001. |
18.9% p.a. | 27.9% p.a. | 18.9% p.a | No Annual Fee | 56 days for purchases. 0 days for balance transfers and cash. |
|
|
|
Vanquis Visa Card is designed for people with no credit history or who have previously had bad debt. Representative 39.9% APR (variable) |
Representative 39.9% APR (variable) | 39.9% | N/A | No Annual Fee | Up to 56 days on card purchases only |
|
|
|
The award winning prepaid card with no credit check or bank account needed. | Funds in your Account will not earn interest | Prepaid only - N/A | Prepaid only - N/A | £59.40 p.a. (£4.95/month) | Prepaid only - N/A |
|
