UK Money News
14th April 2008
Credit card providers urged to come clean
Credit card providers have been urged to come clean over the order of payments before regulations come in later this year.
In six months time credit card providers will be legally bound to include on statements the order of payments that they employ.
However, according to Nationwide, were the banking sector to adopt the rules now and on voluntarily basis, it would go some way towards repairing its reputation.
Jeremy Wood, divisional director at Nationwide, also said this would also provide a fairer deal for customers.
He commented: "When the department for business, enterprise and regulatory reform made their announcement over a year ago, we hoped credit card providers would do the decent thing and clearly tell their customers how their payments are allocated on their statements.
"Twelve months have already passed and consumers are still being kept in the dark. We call on the industry to do the right thing for consumers and implement the change now, rather than wait until the October 2008 deadline."
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