There are 31m credit card holders in the UK, and as well as the usual monthly statements they are used to receiving, they are also soon to receive a new kind of annual statement. This new statement has been developed by a collaboration between the UK Cards Association and the Dept for Business, Innovation and Skills, and is designed to help customers see instantly how they have used their credit cards over the previous year.
They will include a full breakdown of how much they have spent, how much cash they have withdrawn and any extra costs or fees they have incurred. Some of the major credit card companies have already begun to send out these new statements, and most credit card customers in the UK will be receiving their first annual statement on the date that is the anniversary of when they opened their account.
This greater level of transparency has been called for for a long time by consumer groups and the provision of this kind of information will also enable customers to be able to shop around to find the best kind of credit card that both suits their needs and brings down the cost. This is seen as a positive move by the UK Cards Association and the decision has been welcomed by the consumer groups who have been championing for it.
The ability to see at a glance your credit card spending habits will greatly help those users who have maxed out their cards at times or run up additional charges. They will be able to see at which times of year they have struggled and also see if they have developed any trends depending on the time of year. As it will also detail any foreign transactions, understanding your credit card usage has never been easier.