UK Cards Association proposes credit card improvements

People who regularly make use of credit cards may benefit from new proposals which have been outlined by the UK Cards Association, it is believed.

Taking part in the government's Review of the Regulation of Credit and Store Cards consultation, the association has looked at issues concerning things like payment allocations and credit card transparency.

Meanwhile, the body also believes that those in credit card debt should be warned by firms about the larger costs that they may face if they only choose to pay back the minimum amount each month.

The UK Cards Association's chair Melanie Johnson has suggested that consumer choice would not be affected by the proposed changes.

She commented: "Our approach will deliver big improvements to customers without smothering competition and choice, which customers value and gain significant benefit from."

Meanwhile, Credit Action's director Chris Tapp has recently noted that people should be responsible when they come to get credit.

Posted by Gemma Walker.