Credit card cheque summary box launched
01/09/2006
A new credit card cheque summary box is being launched aimed at "helping customers to easily understand and compare costs of credit card cheques at a glance".
According to Sandra Quinn, director of communications at card association, Apacs, the move is "another positive change taken by the credit card industry".
The credit card summary box also aims to improve the transparency of products and make lending more responsible for the credit card customer.
By the end of the year, the summary box will accompany all credit card cheques sent within the UK.
Ms Quinn says: "This move is another positive change taken by the credit card industry and is part of their ongoing aim to achieve the highest level of transparency in our products and responsible lending practices.
"As with all industry improvements our next step will be to propose the new credit card cheque summary box for inclusion in the 2008 version of the Banking Code."
"We believe that the Banking Code gives UK consumers an unparalleled level of protection, reducing the need for regulation," she adds.
In March, the Office of Fair Trading (OFT) called for a change in the law to restrict the use of credit card cheques.
The OFT indicated that higher interest charges and no interest-free periods left customers vulnerable to high charges.
According to Sandra Quinn, director of communications at card association, Apacs, the move is "another positive change taken by the credit card industry".
The credit card summary box also aims to improve the transparency of products and make lending more responsible for the credit card customer.
By the end of the year, the summary box will accompany all credit card cheques sent within the UK.
Ms Quinn says: "This move is another positive change taken by the credit card industry and is part of their ongoing aim to achieve the highest level of transparency in our products and responsible lending practices.
"As with all industry improvements our next step will be to propose the new credit card cheque summary box for inclusion in the 2008 version of the Banking Code."
"We believe that the Banking Code gives UK consumers an unparalleled level of protection, reducing the need for regulation," she adds.
In March, the Office of Fair Trading (OFT) called for a change in the law to restrict the use of credit card cheques.
The OFT indicated that higher interest charges and no interest-free periods left customers vulnerable to high charges.
