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The Guardian - UK
The Guardian - UK
Business
Rupert Jones

Credit cards: new UK rules could mean end of O% interest deals

United Kingdom James Daley FCA Santander
Picture of a four generic credit cards held up like a fan of cards
Some 0% interest deals rely on customers missing payments to make money – which count as a ‘bad outcome’ under the FCA’s new rules. Photograph: John Raoux/AP

Online-only savings accounts offered by big banks could become an endangered species, and it might be curtains for some popular 0% interest credit card deals. However, there could be a boost for bank branches and those customers resisting the push to go digital.

These are just a few of the possible outcomes from a big shake-up of UK financial services that takes effect from 31 July.

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