Card Cheques Face Ban
Government minister says unsolicited credit card cheques could be 'done away with'
28th November 2005
A report on the BBC suggests that the end may be nigh for unsolicited credit card cheques, after Consumer minister Gery Sutcliffe told Radio 4's Money Box that the government may 'do away with them'.
Credit card cheques are often sent out to cardholders with their statements, usually unrequested, and can be used to pay for goods or services by post, or to transfer balances on to a card. Card issuers trumpet these cheques as a convenient service for their customers, and a legitimate marketing tool.
However, most card issuers charge a handling fee for using the cheques, and apply a higher rate of interest than the normal standard rate for purchases. Consumer groups say that the true costs involved are not always clear to cardholders.
Read More: BBC : Card cheques 'could be banned'
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