Credit card boxes to be improved for consumers

Credit card firms are to make changes to the summary boxes that are displayed on their statements and marketing materials so that customers will find it easier to see and understand the key features of the cards without getting bogged down with financial jargon. The changes are to take place later this year, and should help to improve things for consumers.

The summary boxes are used to display key facts about the credit card, such as the APR, charges, and other features, but the layout and language that is used at present is not always clear, making things confusing for credit card customers. It has been suggested that the layout be changed to make it easier on the eye, and that clearer language be used so that consumers can better understand and compare card features.

One official from 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.”

She also said: “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.”