The Independent reports that the Government Â is planning on setting up a website to help credit card users compare their cards.
Ministers want to lift the lid on the complex, murky world of personal finance, while getting tough with the financial institutions at a time of growing public anger at ballooning profits. From next year the Treasury will force all credit-card firms to produce standard electronic statements. The files can then be uploaded by the card user to the Government’s Moneymadeclear website to compare credit-card rates and usage. The site will also recommend other cards that may offer a better deal.
Electronic statements will improve the situation, but making credit card features and charges simpler and more transparent would make comparisons even easier.
Whilst the Moneymadeclear website should give impartial advice, these electronic statements should also make it easier for other price comparison websites to generate their own recommendations. With the ability for visitors to transact as well as compare through the comparison sites, (unlikely through Moneymadeclear) they may ultimately be the key beneficiary of the Government’s move.
photo credit: TheTruthAbout…