A new agreement between the government and the credit card industry will be good news for card users – but it could have side effects.
By the end of January next year, a raft of new measures will be in place to ensure repayments are set against the most expensive debts first, to prevent unsolicited credit limit increases for people in financial difficulties and to give credit card users new rights to object to interest rate rises.
However, while the government estimates the changes could save consumers £296 million a year, the UK Cards Association claims the move will cost the industry £533 million in just the first two years.
That could spell an end to special offers on credit cards, such as cashback deals and zero per cent periods, as the companies look to claw back some of their losses.
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