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Comparing credit cards "difficult" for many consumers
19/03/2008
Many consumers find it "difficult" to make comparisons when choosing a credit card deal as they do not know enough about the terms used by the financial industry, an industry expert has suggested.
The pricing of credit cards with percentages - rather than in pounds - means that many consumers are often troubled by credit card comparisons, Credit Action stated.
As a result, a number of consumers often choose the wrong credit card, which could see them seeking out professional debt advice, Chris Tapp, director of Credit Action, said.
Mr Tapp added: "Having two credit cards that are both being charged at 15 per cent APR both look identical but the extra charges associated with withdrawing cash, spending abroad and all these types of charges may be quite different."
Credit Action is a national financial education charity.
