The government plans to give financial regulators more power to define and ban "excessive" interest rates for credit and store cards as part of its strategy to improve consumer protection in the UK.
In their programme for the next five years, the Conservatives and the Liberal Democrats also said that they oblige credit card firms to provide information to customers in a "uniform electronic format" that will make it easier for borrowers to find out if they are getting the best deal.
Furthermore, the coalition plans to introduce a seven-day "cooling-off period" for store cards.
Other measures in the government’s plans include ending "unfair" bank charges and fees for certain financial transactions.
Credit shakeup planned
Filed under Cards