From Money Extra:
APACS, the UK payments association, has launched its latest report into transparency and responsibility in the credit card industry. ‘Sharing Best Practice’, details the steps the industry has undertaken to benefit the consumer, and provides an update on responsible lending initiatives such as increased data sharing. Over the past year the industry has focused its efforts on improving the information available to customers to help them make responsible borrowing decisions. Card companies have also continued to work together to agree guidelines for responsible lending. Industry initiatives over the last year include extending the idea of the Summary Box – first introduced in 2003 – and creating a version of the Summary Box for credit card cheques. To be included with all credit card cheques by the end of 2006, the Summary Box provides customers with clear information, and highlights key features like the Annual Percentage Rate (APR), interest rates, the length of the int…
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