Responding to the OFT’s statement on the Which? super-complaint on the calculation of credit card interest charges Sandra Quinn, APACS Director of Communications, said:

“APACS looks forward to working constructively with the OFT to find a negotiated solution to the Which? super-complaint. We welcome their recognition of the work already done by the industry in this area and their desire to find a solution that does not restrict the commercial freedom of card issuers. We are committed to transparency on how credit cards work and the charges for their use as demonstrated by the different initiatives developed over the last three years.

“We were disappointed that Which? decided to reopen the issue of interest rate standardisation. We agree with the government, which has consistently said that it has reservations about whether requiring standardisation would actually be beneficial to consumers.

“Like the government, the industry is concerned that such ‘standardisation would restrict or even eliminate consumer choice’.”