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Standards for effective credit card comparisons

Standards for effective credit card comparisons

Category: Credit cards

Updated: 19/02/2009
First Published: 18/02/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The credit card industry is making changes to allow customers to carry out credit card comparisons more effectively, it has been stated.

According to UK payments association Apacs, the revision of the summary box - introduced in 2003 to help consumers make informed choices - will make comparing easier.

Corporate communications officer at the body Michelle Whiteman explained that a new format has been adopted in order to make it easier to identify competitive deals, with "tabular, bullet point or numbered list" systems believed to be "simpler".

"[The] credit card industry has always been - and continues to be - committed to the principle of transparency and responsible lending," she remarked.

Apacs has stated that the changes will be implemented by the end of June of this year.

They follow recent Office of Fair Trading recommendations, made after a report found that 70 per cent of card holders did not carry out a credit card comparison before making a choice.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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