Credit Card Politics: Electing To Save Money
It's election time again and the UK, or at least its media
, is joyously succumbing to party political fever. While the various candidates loudly proclaim to have the solution to what ails us - whether that's banning the sale of sharpening stones to reduce knife attacks or ensuring that wheelie bins be supplied with a propulsion device - it's sometimes hard to find out where they stand on specific issues.
With that in mind, I've taken a look at the various manifestos to see what's in store for unsuspecting credit card holders.
Labour's General Election manifesto promises to clampdown on the banks' often excessive punishment of their customers. Millions of consumers have been hit by overly high bank charges for exceeding their overdraft and exposed to crippling rates on credit cards and loans.
While Labour wants fairer charges for breaching overdraft ceilings in future, it is not willing to go as far as calling for previous complainants to get refunded.
Other commitments of concern to credit card holders include the new rules to stop irresponsible lending.
These would require every credit card firm and bank to properly check that a borrower could afford repayments, plus a new cooling off period for people who sign up to unsecured borrowing.
This last idea would be particularly useful to those who are thinking of taking up a 0% purchases credit cards.
Labour also want statutory backing to new credit card rules already agreed with the credit card industry banning some stealth charges.
The Conservatives meanwhile have announced plans to abolish the Financial Services Authority. It would be replaced by a combination of a more powerful Bank of England and a new consumer protection agency (CPA).
George Osborne, the shadow chancellor, says that bank and credit card customers should have the right to receive a "data file" about the payments they make, allowing them to find out easily online whether rival companies offer cheaper services.
The Tories believe that current price comparison websites are flawed because customers cannot make a credit card comparison in a way that takes into account their personal spending behaviour.
The Conservatives will save card holders money in other ways too.
While the Liberal Democrats may not be calling for the removal of the FSA, they are pledging to end unfair bank charges and help victims of excessive fees.
Like the Conservatives, they also want to cap credit and store card interest rates but there's no word on how this will affect specific products such instant decision credit cards.
If the idea of participating in the rich history of democracy leaves you cold - or, more likely, numb - then consider the benefits it can have to your credit score.
You don't have to decide on a political party, simply register to vote and you'll reap some financial benefits.
Britain's credit reference agencies are urging people to ensure that they appear on the electoral role. Those who fail to do so may find it more difficult to get a loan, loan, credit card or insurance.
by: Justin Schamotta
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