17 February 2009
Consumers will soon be able to compare credit cards more easily thanks to changes in the industry's marketing material, it has been claimed.
The UK payments association Apacs said the new guidelines on credit card information - which will come into force on June 30th - demonstrate the industry's commitment to transparency.
Its corporate communications officer, Michelle Whiteman, explained that a revised summary box is being launched as a result of recommendations made by the Office of Fair Trading and research conducted by the industry.
The research revealed that consumers find it easier to compare information that is formatted in tabular form, or in bullet point or numbered lists.
Ms Whiteman said these changes were subsequently introduced into best practice guidelines for credit card marketing.
ouise Bond, personal finance manager at uSwitch.com, said the Apacs summary box guidelines have been used in credit cards pop up information on the independent price comparison website.
"We welcome Apacs' changes which will enable consumers to feel more confident in comparing credit cards and making sure they have the right product for them," she remarked.
According to figures from Apacs, spending on debit and credit cards rose by 0.3% in December 2008 compared to the same month in 2007.