Millions of credit card customers in the UK do not know the full details of how their provider charges them, it has been claimed.
Some 69 per cent of credit card holders are not aware of the correct order that payments are processed, according to a study conducted by Nationwide Building Society.
Many respondents to the survey gave incorrect answers when quizzed about the order in which repayments are allocated on their credit card balances, with some believing that they choose which are paid off and just over a quarter stating that they have no idea.
However, two-thirds of the respondents also claimed that it is vital to find a credit card provider that prioritises the most expensive items.
Jeremy Wood, divisional director at Nationwide, commented: "Nationwide has long-campaigned for a positive order of payments for all credit card customers.
"Many credit card providers use low introductory rates to lure people into opening an account."
Recent research from The Motley Fool revealed that the majority of UK credit card customers will look for a deal from a reputable brand.
News Side
Credit card customers 'still in the dark'
Tue, 26 Jun 2007
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