Confusion Over Cost of Credit Cards
New research shows 75% don't know their card's APR
14th March 2004
A report by the Office of Fair Trading (OFT) has shown that confusion over the true costs of credit cards is widespread, with over three quarters of cardholders unable to accurately give their card's Annual Percentage Rate (APR).
There was even less certainty about the charges made for late payments or cash advances, and most could not say how long their card's interest free period was.
The OFT says the results of the survey highlight the need for greater clarity in card advertising and promotion, and that a 'summary box' giving all the key charges and facts at a glance is a popular concept among consumers.
Read More: Office of Fair Trading
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