By Jennifer Hill

LONDON (Reuters) - City watchdog the Financial Services Authority is to launch an independent Web site to help consumers compare credit cards.

The move follows recommendations by the Office of Fair Trading (OFT) designed to help consumers get a better credit card deal.

Others will include improvements in summary boxes on credit card marketing materials and statements, standardisation of terminology used in product literature and greater consumer education on the benefits of shopping around for a credit card.

The OFT report into credit card comparisons follows a super-complaint from consumer group Which? in April last year.

Which? said people choose credit cards without understanding all the issues that affect the cost of the card, and OFT research later showed that 70 percent of credit card holders do not shop around.

John Fingleton, chief executive of the OFT, said: "No one wants to throw money away, but consumers who don't shop around for credit cards are doing just that.

"It is essential that consumers are given the right tools to make comparisons between credit cards more easily, and we can achieve this through some of the recommendations announced today which have received widespread support."

Payments body Apacs said the new comparison Web site would prove an important additional tool to help people make informed choices about the card that best suits their needs.