Saga calls for lenders to "play fair"

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Saga calls for lenders to "play fair"

Saga has called for credit card providers to adopt a fairer order of payment system, because it currently favours the bankers.

Andrew Goodsell, executive chairman of Saga Group, pointed out that people who have credit cards are normally being doubly-hit, because they must pay high interest rates on their lending and cannot pay their most expensive debt first.

This is because most credit cards will use any payments from borrowers to pay off the lowest interest charges, with sums borrowed at higher interest rates paid off last.

Mr Goodsell explained: "We think this is wrong and call on card providers to play fair by the British public. If the bankers don't get the message the government should act as they have hinted."

Saga highlighted that on its Platinum Visa Card, the most expensive debt is paid off first.

This week, the company launched a two-year fixed-rate bond offering a return of 3.85 per cent interest on balances over £30,000.

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