Credit Card Cheques Branded A Rip-Off By Financial Protection Agencies.
The Office of Fair Trading has issued a demand for a change in the law restricting the use of credit card cheques. These cheques have been around for about 10 years and are designed to allow people to transfer funds into another of the cardholders accounts or make payments using their credit card accounts without the use of the card itself. They have however come under fire for a variety of reasons and are widely disliked by both financial watchdogs and the public alike.
Last year, Richard Brown the chief executive of credit card comparison site Moneynet, warned, We have always advised consumers to avoid credit card cheques like the plague. Many people have no idea that these cheques carry extra charges and do not work like the credit card in their wallet. Its unethical and irresponsible.
Which? has welcomed the comments from the OFT which called credit card cheques a rip-off. Which? is particularly critical of the widespread industry practice of sending out unsolicited credit card cheques in the post whether they are wanted by cardholders or not.
Mike Naylor of Which? said,...
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