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06 September 2006
Credit card cheques will become more transparent for the customer before the turn of the year, according to Barclaycard.
With UK payments association APACS having yesterday announced that summary boxes – providing information such as interest rates, incurred charges and minimum repayments at a glance – will be mandatory for credit card cheques as well as the cards themselves, Barclaycard said that it is fully prepared for this change.
A spokesperson said: "We've already done some testing on the summary boxes – we knew that this was coming…The results are still coming in but we will be ready to implement them by the end of the year.
"The average interest rate on [the cheques] is five per cent – not the high rates that you often see in the media. We work very closely with APACS, this is something that we have been very involved with."
It is hoped that the new initiative will ensure that customers use credit card cheques fully in the knowledge of the terms and conditions involved in their use.
For more press information contact:
Steve Clark or Jo Gill at Source Marketing Communications, Aspect Court, 47 Park Square East, Leeds, LS1 2NL. Tel: 0113 380 1644, Fax: 0113 380 1630, E-mail: steve@sourcemc.co.uk or jo@sourcemc.co.uk
