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Credit card interest calculation methods super-complaint

2 April 2007    57/07

The OFT has received a super-complaint from Which? relating to credit card interest rate calculation methods.

The consumer campaign body has asked the OFT to look at concerns relating to the number of different methods used to calculate interest rates for credit cards. The OFT will now fast track this complaint and announce within 90 days what action, if any, it proposes to take.

NOTES

1. The Enterprise Act 2002 makes provision for designated consumer bodies to make super-complaints. A super-complaint, as defined by section 11(1) of the Act, is a complaint submitted by a designated consumer body that 'any feature, or combination of features, of a market in the UK for goods and services is or appears to be significantly harming the interests of consumers'. Which? is a designated consumer body. Within 90 days after the day on which a super-complaint is received the OFT must say publicly how it proposes to deal with it.

2.  For more information on how super-complaints work please see super complaints page.

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