The Government-led crackdown on credit card companies is expected to save consumers around £300 million a year.The crackdown comes after the Government warned credit and store card firms to “clean up their act” after it launched a review of the industry in a consumer White Paper in July 2009.According to Prime Minister, Gordon Brown, the [...]

More: Consumers to save millions under new credit card protection

The card companies will make money one way shape or form. The yearly charge will be back soon then! Or some other scheme to make more money! Its just pure greed!

This move goes against the normal industry practice. Most credit card providers use repayments to pay down the cheapest debt first, which vastly increases the amount of interest people pay over the course of their repayments. This enforces the opposite.