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Credit Cards

Volume 711: debated on Monday 1 June 2009

Question

Asked by

To ask Her Majesty's Government whether they propose to require credit card companies to identify clearly in statements when monthly amounts should be settled and the timescale for posting cheques. [HL3379]

The Government already expect lenders to specify on statements the payment due date where an amount is due. Industry best practice guidance requires lenders to clearly state the payment due date in statements. Under that guidance, statements should also list the various methods consumers can use to make a payment, giving clear advice on how long they should allow to ensure that their payment reaches their lender in time.