UK Money News
18th December 2007
Consumers without the best credit card deal 'throw money away'
Consumers who do not shop around for the best deal when choosing a credit card might as well "stand on a street corner tearing up fivers", according to Money Extra.
Robin Amlot, senior editor at the financial services provider, explains that if individuals do not get the best deal possible, then this will impact on their cash-flow situation, which could mean they need help with money or get in to trouble with debt.
Mr Amlot's comments follow a decision by the Royal Bank of Scotland and it subsidiaries, Natwest and Mint, to cut the interest free-period available to cardholders.
He explains: "If the due date for payment is brought forward, then potentially the credit card company is making more money and certainly they are exposing themselves to less risk."
It is estimated by Credit Action that there were 181 million cards in Britain last year, while Apacs states that the average consumer has 2.4 credit cards and 1.6 debit cards.
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