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Credit card statements to be overhauled

Credit card statements to be overhauled

Category: Credit cards

Updated: 28/03/2012
First Published: 28/03/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The UK 's 31 million credit card holders can soon expect to see a new type of credit card statement hitting their doormats.

The Department for Business, Innovation and Skills, which helped develop the new annual statement, said that customers will be able to 'see at a glance' how they have used their cards over the last 12 months. Any fees, charges and costs will also be included.

The UK Cards Association said that some credit card companies have already started sending out the new statements.

Credit card customers can expect to receive their first annual statement on the anniversary of when the account was opened.

"Annual credit card statements will help empower customers by giving a clear view of how they've each managed their plastic over the past year," Melanie Johnson, Chair of The UK Cards Association, said.

"By clearly setting out costs and charges this industry initiative could help customers get a better deal either by being savvier about how they use their current card, or by changing to another account that's a better fit."

To help customers compare cards, all the new annual statements contain the same information.

They will all specify the time period covered and include total spending, the amount repaid and any interest fees and charges incurred.

The statements will also show exactly how the card has been used during the year - broken down by point-of-sale spending, cash advances, balance transfers, and the applicable interest fees and charges for each of these types of transaction. Information will also be provided on charges for foreign transactions.

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