Labour slammed for high-interest credit card

25/09/2008

The Labour party is not showing financial responsibility - by selling a high-interest branded credit card.

According to the Scotsman, the Visa card is being offered to delegates and visitors at an APR of 18.9 per cent.

Labour has been dogged by recent reports that it is facing a dramatic shortfall in donations, leaving it less well-equipped to meet its day-to-day costs and launch publicity campaigns.

David Kuo, head of personal finance at Fool.co.uk, said that there were much better deals on the market than that offered by Labour's branded card.

"We should never allow emotions to cloud our financial judgment," he told the newspaper.

"In the case of political affinity cards, politics and money just do not mix."

The current best-buy credit card on the market offers new customers an APR of 8.5 per cent.

Tags; Debt Management and Banking, Young Family Finances, Recent Graduate Debt,

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