The credit card summary box
To make it easier for you to understand and compare credit cards, every credit card company publishes a standard format summary box in all marketing and pre-contract materials. With all the key product information set out in a simple, standard, at-a-glance format, the summary box gives you an easy way to understand and compare the costs of different credit cards.
The summary box sets out front key information such as:
- Annual percentage rate (APR)
- Interest rates
- Length of the interest-free period
- Minimum repayment
- Any charges that might be incurred
Introduced in October 2003, the summary box has proved popular with consumers, and it has been upgraded to include new information about when interest is charged for different product features. The industry has also committed to display a version of the summary box on all monthly credit card statements – as shown in the Your monthly statement page.
The summary box explained
Below is an example of the standard summary box.