Related Credit Card Article

"Update for credit card summary boxes"

By admin | April 18th, 2009 | Credit Cards

Many consumers could now find it far easier and quicker to find the best deal on a credit card when comparing deals, and this is due to updates that are to be made on the summary boxes that are displayed on credit card applications.

Credit card providers have said that they are going to be making improvements to these summary boxes to make them easier to understand for consumers, and to make it easier for consumers to see at a glance which credit card is going to best suit their needs.

The summary boxes that are shown on credit card application forms and other credit card marketing materials are designed to provide key information about the card, such as the APR charged and the penalty fees that are in place – the type of data that a consumer would need to see in order to determine whether the card was right for them.

However, in the past the information in these boxes has not always been clear, and many consumers have found it to be too confusing and filled with jargon, reducing the chances of them being able to make an informed decision.

It has been suggested that a list format or bullet points be used with these summary boxes in order to make the information more easily understandable, and credit card companies are to make changes to the boxes from June of this year.

Sandra Quinn, director of corporate communications at industry body Association of Association for Payment Clearing Services [APACS] stated: “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 added: “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.”

Tags: credit card summary boxes

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