Consumer interest group Which? has accused the Office of Fair Trading (OFT) of making a weak response to its recent ‘super complaint’ regarding credit card interest calculation.
The group claims that it “presented the OFT with a simple problem” when it alleged that the wide variety of interest rate calculation methods used by the credit card industry were confusing for consumers.
However, the OFT has declined to address this issue directly and instead has stated an intention to conduct a wider review.
According to Which? this is a “positive step”, although it said it would have preferred to see the OFT “take the bull by the horns”.
And the body poured scorn on a claim by credit card payments association Apacs that the wide variety of interest rates used allow for greater consumer choice.
A spokesman said that “if a product characteristic is invisible to consumers it cannot be a subject of choice”.
© Adfero Ltd