2 July 2007
The Office of Fair Trading (OFT) has announced that it is to investigate credit card advertising.
The study, which will take six months to report, has the stated aim of making the cost of credit cards easier to understand.
Various elements of the industry, such as the cards' introductory offers, cash advances and priority of payments will be studied by the OFT, in collaboration with credit card providers and consumer groups.
With an increasing amount of competitors muscling in on the lucrative credit card market, concern has been expressed about potentially misleading advertising for the services.
John Fingleton, chief executive of the OFT, said: "Credit card pricing has become increasingly complex, with many new dimensions such as interest free periods. While these new pricing dimensions give additional choice and value to consumers, they can make it harder for consumers to make informed decisions."
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