Halifax plans 'clear card

Less than 24 hours after a powerful Treasury select committee lambasted the credit card industry for failing to provide customers with easily understandable product information, Halifax has responded with a new "clear card" promising to "do what it says on the tin".

The card, which will have the gimmicky appeal of being made of transparent plastic, will have a single interest rate for all transactions and all statements will include a "clarity box" with easy-to-understand payment information, a spokesman said.

However, while the move will be welcomed by some as a step in the right direction, it is unlikely to placate the angry select committee members who accused credit card providers of "industry failure" earlier this week.

On Wednesday, credit card bosses faced a fierce attack from MPs during a hearing where they were accused of "unbelievable complacency", "not living in the real world" and "needing their heads banged together". MPs have instructed bosses to report back in September with agreed, industry-wide proposals for more transparency.