Credit card providers will have to include summary boxes to all credit card statements from the middle of 2006, but the pressure is on them to start doing it immediately.
Credit card companies are called upon to feature a personalised summary box on their monthly credit card statements, detailing the basic rates they charge.
Most credit card providers still fail to clearly outline what rates and fees they charge credit card holders for, research found.
People seem to be more aware now of summary boxes, with almost half knowing about them. Last year only a quarter of people were aware of credit card summary boxes.
Seven out of ten people believed the inclusion of summary boxes in monthly credit card statements was a good idea. Almost everyone agreed that this should be a compulsory feature of all credit card statements.
"Customers need to be aware of the rates and charges applicable to their particular credit card," commented Ian Corfield, head of Halifax Card Services that conducted the research.
He noted that summary boxes make this possible. He said that although many credit card lenders feature summary boxes in advertisements and brochures, many fail to include it on their credit card statements.
Credit card statements should include summary box
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Credit card statements should include summary box
Thu, 28 Jul 2005
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