Latest Debt News
Credit card industry aiming for transparency
18/11/2005 13:36:00
UK payments association Apacs has praised the credit card industry for becoming more transparent.
In a new report, Apacs noted that credit card issuers are adhering to transparency pledges made to the House of Commons Treasury Select Committee last year.
The association highlighted several initiatives that have taken place in the past year, including the creation of a new website offering impartial credit card advice and new rules to ensure cardholders are made aware of charges for withdrawing cash from some ATMs.
The report, Responsible Lenders, Responsible Borrowers, outlines new schemes in place to help consumers and suggests that credit card providers are moving forward on the transparency agenda.
The credit card industry made undertakings to the Treasury Select Committee this time last year to improve transparency and the report claims that it has started to deliver on promises made, including the introduction of a summary box on monthly statements and marketing materials, outlining the card's features and comparing APRs, interest rates, minimum repayment and charges.
APACS chief executive Paul Smee commented: "The launch at the Houses of Parliament is indicative of the willingness of the credit card industry to engage with, listen to and learn from regulators, government departments, the Treasury Select Committee and with consumer associations and debt counselling organisations."
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