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Easier credit card comparison 'replaced summary box'

A series of bullet points or a numbered list that replaced the credit card summary box on marketing materials made it easier for people to compare products, an expert said today.

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16 February 2009

Easier credit card comparison 'replaced summary box'”

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Michelle Whiteman is the corporate communications officer at Apacs and said research undertaken by the Office of Fair Trading discovered that these formats made it simpler for consumers to figure out which deal was best for them.

The summary box contained all information considered key for customers entering into a credit card agreement, such as default charges and annual percentage rates.

But the revised means of displaying this information are more effective at helping people identify competitive deals, said Ms Whiteman.

When asked if this change was indicative of the market's dedication to transparency, she replied: "[The] credit card industry has always been and continues to be committed to the principle of transparency and responsible lending."

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	Tesco ClubCard Credit Card
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16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
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16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
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17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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