Following an article for ePolitixPlus by Labour MP Barry Gardiner, the Nationwide Building Society has called for other providers to help increase transparency in the credit card market.

Forum Response: Nationwide Building Society

Nationwide's chief executive Philip Williamson said: "As with all financial products, consumers should be given the information they need to make an informed choice. You wouldn't expect someone to buy a car without knowing what sort of engine or features that particular model has or how much any extras are going to cost.

"Why should people choose a credit card on that basis? Nationwide has made the first step towards bringing clarity to a notoriously complex market, I hope that others will now follow suit."

Forum Response: Barclays

A spokesman for Barclays told ePolitix.com: "Barclays supports the idea of a Schumer or 'honesty' box for credit cards and has been working with other industry players and the DTI on this.

"Barclays agrees with Barry Gardiner and the APACS working group that a Schumer Box, currently in common use in the USA, is the right way to go to allow consumers to compare different credit card products.

"This box would provide a summary of the key product features, such as compound monthly interest rate, interest free period, charges for late payment, promotional rates and so on. The box provides other important relevant information besides the interest rate, that the consumer might wish to take into consideration when choosing a credit card product.

"We are working with the DTI and other industry players to push forward this meaningful solution for customers."

Forum Response: National Consumer Council

Gill Bull, acting chief executive of the NCC, said: "We are delighted to see that Nationwide is to make credit deals easier for people to understand. A recent NCC survey shows that two-thirds of consumers want to see credit companies providing a better explanation of fees and charges, before asking them to sign up.

"Nationwide's single table of key features is a big step forward. Now we want all the other banks and building societies to follow - so that consumers can really compare like for like. Then, and only then, will consumers to be able to make informed choices."

Forum Response: APACS

A spokeswoman for APACS told ePolitix.com: "In terms of presentation, APACS agrees that, used in isolation, the APR is not the best way of comparing credit cards. Hence our support and that of our members for the Schumer box.

"Calculation of the APR has inherent difficulties because the Regulations have never been clear and legal opinion has long differed over how the figure should be calculated. APACS has made this point to regulators over a number of years and is seeking to get clarity by working with the DTI as part of the current review of the Consumer Credit Act."