Royal Bank of Scotland delays introduction of low-rate credit card

Chief executive says high level of consumer debt is factor in decision despite bank’s shrinking share of market

Royal Bank of Scotland has postponed plans to introduce a cut-price credit card amid concerns about the £200bn of lending amassed by UK households.

The bank, which is 70% owned by the taxpayer, has decided against launching a more competitive credit card at a time when the consumer credit market – personal loans, credit cards and car finance – is facing scrutiny from the Bank of England.

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