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Consumers should understand 'whole' credit card product
20 March 2008
Credit cards can be a landmine in the fine print and consumers should make sure that they understand exactly what they are signing up for, says a leading national financial education charity.
Charity group Credit Action has said that shopping around for a credit card is like shopping for a new car - consumers should be aware of other factors rather than just the headline rate.
Chris Tapp, director of Credit Action, said that it is important that consumers understand exactly what charges will be levied before they sign up for anything.
"The main thing to look for is the headline rate, which is still the most important thing. What rate of interest are you going to be charged? It is still important to compare the APR first and foremost," he said.
Research released last month by uSwitch showed that 70 per cent of British credit card holders failed to shop around for their current card. 
