Long way still to go for credit card reforms

Representatives of Lloyds TSB, HBOS and US-based Capital One were called in front of the committee yesterday to assess the progress made on credit card charges and interest rates. Following its report published in December 2003, entitled ‘Transparency of Credit Card Charges’, the committee is also seeking answers on the number of different methods the industry uses to calculate the annual percentage rate (APR) charged on card balances. All three banks said they have committed themselves to working closely with the Association of Payment Clearing Services (Apacs) and believe they have co...