MPs set to probe credit card rates

Bank chiefs were due a grilling from MPs to bring greater clarity to credit card charges as Retail Week went to press.

The Treasury Select Committee was hearing evidence from banking institutions including Barclays and Lloyds TSB.

MPs want the banks to employ a common method of calculating APRs and the way interest is charged.

Banks have devised a Summary Box, to appear on promotional material from March, but it is unclear whether the contents will satisfy politicians.