Released on = February 14, 2006, 9:06 am

Press Release Author = David Andrews

Industry = Financial

Press Release Summary = Card firms taking advantage of consumer ignorance over
interest free days, Moneynet calls for greater clarity from providers


Press Release Body = Confusion surrounding the small print on credit card agreements
is leaving card holders in the dark when it comes to paying bills on time, according
to new evidence from online financial data provider Moneynet
(http://www.moneynet.co.uk )

Moneynet argues that wide variations between plastic providers in the length of
interest free time allowable on their cards has created confusion among consumers.

The end result, warns Moneynet, is that card firms are boosting their profits while
prudent card holders are being penalised.

"The recent decision by some major card firms to slash interest free periods is
bound to prompt rival card firms to follow suit," said Moneynet chief executive
Richard Brown.

"The majority of adults now carry at least two credit cards and an average of one
store card, and with different clauses surrounding interest free days from card to
card, it's no wonder that people are in danger of being caught out."

Prudent card holders who want to clear their debt typically have up to 56 days grace
in which to do so. But by reducing this 'free' time, credit card companies are more
likely to be able to drive up profits.

Moneynet also reports mounting anecdotal evidence of its users being caught out by
varying rules between card companies.

"One issue is precisely when an interest free period begins and ends," argues Brown.

"There is not an interest free period on purchases with the majority of cards, for
example, if the monthly balance is not cleared in full and on time. But in our view
card firms do not make this clear enough. In addition, the fact that some companies
charge interest from the date of purchase whilst others are charging from the date
the transaction is charged to the account only adds to the confusion.

"Part of the problem is that there is so much crucial detail buried in the small
print - we'd like to see a standardised warning printed on credit card statements
detailing in the simplest possible terms what interest free privileges card holders
enjoy. And what kind of financial penalties they can expect if they do not clear
their balance every month."

Consumer enquiries: 0208 460 2833/ http://www.moneynet.co.uk

Press enquiries:
Richard Brown, Chief Executive, 020 8313 9030
David Andrews, David Andrews Media Ltd 07941 255855/01273 774109

Editor\'s notes
Moneynet.co.uk is the UK's longest established online personal finance research and
data analysts. The company offers consumers a choice of thousands of low cost
financial services products. From mortgages, personal loans to motor, home and
medical insurance, credit cards, savings accounts and best buy fixed rate products,
Moneynet is one of the most comprehensive online services of its kind in the UK.
Founded by chief executive Richard Brown, the Moneynet brand is destined to become
one of the UK\'s major players in consumer finance products.



Web Site = http://www.moneynet.co.uk

Contact Details = Press enquiries:
Richard Brown, Chief Executive, 020 8313 9030
David Andrews, David Andrews Media Ltd 07941 255855/01273 774109