A new guide drawn up by UK payments association Apacs aims to explain the terminology used on credit card statements to consumers who might not understand everything that is contained in them, the body says.
Research conducted by the group found that 50 per cent of adults rarely check their credit card statements – and a shocking four per cent said they never check them at all.
Sandra Quinn, director of communications at Apacs, says that the advice guide will “highlight the importance of checking the statement thoroughly and explaining what to do if you are having trouble making repayments”.
In related news, the association has also highlighted the need for card users to be aware of online fraud.
“Card-not-present fraud – which includes transactions made online – is the single largest element of fraud in the UK at the moment,” said a spokesman,
The comments came as Google announced the launch of Google Checkout, an internet payments service which some analysts feel is intended to compete with Paypal.
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