Wed, 24 Aug, 2016
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Calls for credit card summary boxes

Increasing numbers of consumers are wising up to the potential hidden or unclear charges made by credit card providers and are calling for information regarding basic rates and charges to be clearly displayed.

According to research by Halifax, two out of three cardholders believe that summary boxes, setting out basic cost and repayment details, should be contained on all statements.

The reports found that majority of people thought it would serve as a reminder for consumers of what charges they count mount up and that it would also help to show the differences between providers.

Ian Corfield, head of Halifax card services, agreed that clear information was vital for cardholders and said: "Customers need to be aware of the rates and charges applicable to their particular credit card. Summary boxes make this possible."

Despite the calls from consumers for more information, a large number of providers have not yet introduced summary boxes on their customer statements and Mr Corfield urged high street banks to improvers their services.

"Customers can only benefit from their introduction. We're calling on all lenders to introduce personalised summary boxes as a matter of urgency."

Further support has come from the Treasury Select Committee, who commented that it was "essential in ensuring that consumers are kept informed of the key interest rates and charges of their credit cards and are properly equipped to shop around and determine whether they could obtain a better deal elsewhere".