RBS credit card restriction limits consumer choice, says uSwitch

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RBS credit card restriction limits consumer choice, says uSwitch

Tue 6th Oct 2009

The decision by RBS to limit credit card applications to its own customers will limit the choice of other borrowers, uSwitch has suggested.

Louise Bond, personal finance expert at the comparison website, pointed out that that it will minimise risk for RBS, but will not help borrowers looking for the most competitive deals.

She commented that the fee-free current accounts being offered by the bank are not great in terms of interest rates, with 0.1 per cent interest given on credit and 19.24 per cent interest charged on overdrafts.

"With a market leading 15-month zero per cent balance transfer credit card, it's quite disappointing that the deal is only open to customers that have an RBS current account," added Ms Bond.

This is not an unusual move from a credit card provider though, it has been done before and will be done again, she claimed.

This week, a uSwitch spokesperson commented how disappointed she was to see some of the big banks cut their Isa interest rates ahead of the allowance extension on October 6th.

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