Britons back credit card Summary Box says Apacs
11 October 2004 | 604 views | 0
99% of Britons back the introduction of a Summary Box on credit card marketing materials, according to research conducted by the Association for Payment Clearing Services (Apacs).
Figures have revealed that 42% always and 28% sometimes compare different credit cards when making an application and 25% thought it was very hard to compare different credit cards. It also found that 23% never read the small print when applying for a credit card.
The Summary Box providers a concise summary of the features of each credit card, in a common format used by all card issuers. This allows customers to compare APRs, interest rates, interest-free periods, minimum payment levels and all card charges at a glance.
In response, the credit card industry and Apacs have launched a Summary Box consumer education campaign, targeting the one-in-four consumers who never look at credit card terms and conditions, or read the small print on application forms. A website, summarybox.com, has been launched to provide information on the box and how to use it.
"The research gives a big thumbs-up to the Summary Box with the overwhelming majority seeing it as a good idea," says Sandra Quinn, director of corporate communication, Apacs. "Our new campaign and the enhancements to the Summary Box we announcing today aim to help that one-in-four to ensure that are picking the credit card product that is right for them."