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Credit card cheques are banned

Banks will no longer be allowed to send out unsolicited credit card cheques or raise credit card limits without the prior written permission of the account holder.

The ban is part of the government's plans for consumer protection to stop inappropriate selling of financial products.

According to a survey by Uswitch, 20% of account holders have had their credit card limit increased without their consent.

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Post Date: July 2nd, 2009