This legislation has been produced in response to the subprime lending that was resulting in issuers giving certain customers higher rates because they were thought to be high risk. This may all be a thing of the past as lower risk customers may have to share the risk. The question is though, is this right?
Many people agree with the principal of reducing the interest rates offered but there is bound to be a large number of people who are opposed to other low risk customers taking a share of the risk. The number of people applying for credit cards has soared in recent years with many needing one to pay off those all important bills.
In the past, those who had a good credit score and had continually met repayments would get more competitive rates than those who struggled with repayments and accrued a considerable amount of debt. This seems a fair way to decide who gets the best deals but this new legislation is set to change all that.
This is good news for customers who have previously had problems finding good rates due to credit problems. The important point to note for all customers looking for a great credit card deal is to consider your options before choosing which card is the best for you.
With deals such as 0% credit cards available, customers should analyse the financial situation before choosing as each card has its advantages and disadvantages. You should also check the small print to ensure you don’t receive any nasty surprises along the way.
With rates continuing to increase despite the base rate cut, find the best deals on can be difficult. However, searching online can help you can deals such as and many more.
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