Credit card companies
What credit card companies are there?
We compare cards from all credit card companies in the UK. There are three different types of credit card companies.
High street credit card companies
These are the traditional banks and building societies with branches on your local high street. Most of them also offer internet and phone services too. Examples include Abbey, Alliance & Leicester, Barclays, Co-Operative Bank, Halifax, HSBC, Lloyds TSB, Nationwide and NatWest.
Supermarket credit card companies
Yes, supermarkets have joined the financial sector. Some supermarkets offer credit cards, like Tesco, Sainsbury's and Marks & Spencer.
Online credit card companies
A growing number of credit card providers now offer their services over the internet or phone. As these companies have no physical branches, they have lower overheads than the high street bank. Examples include: Egg, First Direct, Cahoot, Goldfish, Intelligent Finance, Mint, Smile, Capital One, Morgan Stanley.
What type of card can I get?
Every credit card company has its own array of cards. Most credit card providers typically offer:
- Standard - This card is available to most people over the age of 18. It offers all the basic features of a credit card
- Gold - You may get a larger credit limit than you would with a standard card, and some other benefits. You may need to be 21 or older and earn at least £20,000 per year
- Platinum - The platinum card is marketed as 'exclusive'. If you're a high earner and have excellent credit history, you will be eligible. It means an extra big credit limit and better customer service. You may get additional benefits, but these depend on the provider
Affinity credit cards
There are also affinity cards linked to charities, so that every time you spend your provider makes a donation. Others are affiliated with businesses, sports or brand names.
How are credit card companies regulated?
Both the Office of Fair Trading (OFT) and the Competition Commission (CC) have the power to regulate each UK credit card company.
The OFT is interested in consumer rights and makes sure businesses are in open, fair and vigorous competition. The CC conducts in-depth enquiries into mergers, markets and the regulation of the major regulated industries, including the credit card market.
I have a problem with my credit card company
If you have a complaint about your credit card company, you should speak to the company first. If this is unsuccessful, contact your local Citizens' Advice Bureau. If you are having debt problems, there are many debt helplines available that are free to call, including the National Debtline (0808 808 4000).
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