Apacs launches credit card leaflets code

The much heralded summary box for credit cards, which will force providers to present information uniformly in their marketing, has finally been launched by the Association for Payment Clearing Services (Apacs).

At present it is common practice for companies to present a "typical" rate in their literature. While it will still be possible to show this, they will also have to outline the highest and lowest rate a customer could be charged. They will also have to outline details of interest-free periods, how payments are allocated to the debt, and any fees and default charges.

The summary box was demanded by the Treasury Select Committee earlier this year to help credit-card holders compare their deal with others on the market. It will appear on marketing literature from March.

David Hollingworth, of the independent financial adviser London & Country, said: "What this shows is how complex choosing a credit card has become."