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Consumers with good rating 'not offered best bank charges'

Concern has been expressed that consumers are not being offered the best bank charges available to them despite having strong credit ratings.

A report from This Is Money revealed that several Britons with 'excellent' credit ratings have contacted the magazine in recent months to query why they are not being offered better rates for their cards and loans.

Lenders only have to offer the best advertised representative APR rates to 51 per cent of successful applicants, but those with the strongest rating should theoretically be given the best treatment.

However, banks have pointed out that they are under no obligation to offer the best rates and said a number of factors go into their decision.

"It is important to note that all our advertising highlights the fact that this is a representative rate, and is not the rate guaranteed to all accepted applicant," said a Halifax spokesperson.

A study from Which? recently warned that the number of credit card deals on offer is muddying the waters and confusing consumers.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801498771-ADNFCR

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