Cardeo is campaigning for better value credit for consumers
Better credit products will come from more market competition, when data sharing rules are updated and enforced.
Credit cards are so convenient – but not easy to manage. It’s hard to understand interest, and stay on top of payment dates and rate changes. It’s too easy to be hit with penalty fees, or get stuck paying high credit card rates. Switching isn’t always an option, and can end up costing even more.
Banks aren’t helping – breaking the law by not making our data properly accessible. Along with outdated rules, this stifles competition. Third-party providers like Cardeo are unable to help us save money as much as we’d like.
More than 60% of credit card providers are failing to free up our full account data through open banking – costing consumers millions, if not billions, of potential savings each year.
What can you do about it?
Download the Cardeo app
Complain to your card provider
Use a handy email template
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The campaign to free your data kicks off
Cardeo was in Parliament to announce a campaign for fairer credit for consumers, by launching a report into the broken credit card market in the UK.
New report calls credit card market “broken” – average customers pay close to £1,000 in interest every year
Shocking new figures show that the cost of living crisis could be pushing millions deeper into credit card poverty by postponing debt repayments while struggling to pay every day bills.
'Malfunctioning economy' needs immediate action to ease pressure on consumers
Making open data a reality will help lower prices for consumers, says Cardeo.
Cardeo consulting with Government to reform 'cumbersome' Consumer Credit Act
Much needed modernisation of the act needs to learn from open banking success, warns Cardeo.
Banks costing customers millions by withholding data
60% of the credit card market is breaking the law by failing to provide consumers with full account data. Cardeo is calling on the Government to solve the issue.