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Consumers&#39 in dark on credit cards

Consumers&#39 knowledge of their credit cards is extremely low, with 91 per cent of credit card holders not knowing the annual percentage rate on their cards and only 29 per cent knowing what the term means, according to a new survey.

The survey of 1,000 British adults commissioned by Halifax Card Services shows consumers are largely unaware of credit card products available, with just 18 per cent choosing cards from providers other than the major banks.

Credit Card Research Group director Steve Round says: "The findings of the survey are worrying. There are 1,500 credit card products on the market and it is important that card users understand the product they are buying."

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