PowerRanger,
£25k refers to the
amount of credit and not the cash price of the item, which is limited to £30k. Quoting from the OFT again:
"A regulated agreement is one where credit of not more than £25,000 is advanced to an individual (a term that includes sole traders, partnerships and unincorporated bodies as well as private individuals) and which is not specifically exempt from regulation. The £25,000 limit relates to the amount of credit and not the cash price of the item. In addition, the credit grantor must be in the business of granting credit and the credit agreement must be made in the course of that business."
Most of the discussion on this thread has been about whether using credit cards with their relatively small credit limits still offers protection if they are used as part payment. Having said that, if anyone out there has a credit limit on their credit card of more than £25k, I'm free and single!
Capt Gentil,
In the UK most gold cards are not covered by the Consumer Credit Act, so they would definitely not increase your level of protection – quite the opposite. It may be different in the US.