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Millions hit by credit card changes
13 May 2008
Action taken by credit companies to reduce their debts has affected millions of customers, according to one website.
Over 2.5 million credit card accounts have been closed or had their credit limit reduced in the last year so credit card companies can reduce economic risk during the credit crunch, according to uSwitch.com.
Credit card companies gave no reason to 27 per cent of customers to why their credit card account had been affected by changes leading many consumers to look for a new credit card deal elsewhere.
Simeon Linstead, head of personal finance at uSwitch.com, said: "If your credit card provider wants to make changes to your account that you don't like, you should challenge their decision.
"If you are still not happy with the outcome or don't feel you've been treated fairly, take your complaint to the Financial Ombudsman Service (FOS)."
Figures from APACS, the UK payment association, revealed that 68 per cent of credit card customers pay their account in full either every month or regularly.
