OFT finds consumers can't understand credit card info

16 March 2004
The Office of Fair Trading has found that consumers find credit card information difficult to understand.

A new report suggests that three quarters of credit card holders do not know the Annual Percentage Rate on their card. The same report suggests that consumers would appreciate the introduction of a standard box of credit card costs.

OFT Chairman John Vickers commented: 'Consumers need key information presented in a way that is easy to understand to make good choices about credit cards. Our research provides consumer evidence on how to do this.'