Credit card summary box updated
Credit card summary box updated
Friday, 13, Feb 2009 11:38
Credit card issuers have improved the summary box provided on card applications to help consumers compare deals more easily.
Summary boxes, which are provided with all marketing materials for credit cards, show key product information including the APR, fees and any default charges in a standardised format.
Consumer market research found formatting information in tabular, bullet point or numbered list formats made it easier for consumers to compare the products.
The update, which will be introduced in June this year, will introduce these changes and shading to help clarify the information.
Sandra Quinn, director of corporate communications at industry body Association of Association for Payment Clearing Services (Apacs) said: "Recent research undertaken by the credit card industry uncovered that only an astonishing quarter of credit card holders admit to knowing the APR on their card.
"This means that a lot of people may be borrowing without knowing their charges, if they don't pay off their bill in full.
"We've always encouraged cardholders to make sure that they shop around so that they have the card best suited to the way they use credit cards.
"By improving the Credit Card Summary Box, the credit card industry has made this crucial information clearer and more accessible, making it even easier to do this."
The summary box was introduced by the credit card industry in 2003, and it has since been developed for both credit card statements and cheques in 2005, and for pre-paid cards in 2007.