RBS Drops Convenience Cheques In The UK
The Guardian reports on a decision by RBS to abandon providing its cardholders credit card cheques (aka as "convenience cheques"). In the UK, pressure has been building against the banks as regulators and consumer groups have been challenging the practice while the banks claim they provide the cheques for their cardholders' benefit. According to one industry analyst, the cheques "cost more than using your card, you don't get an interest-free period even if you pay off the balance immediately, and you don't get the same protection as when you use your card."
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