In the UK there are over 30 million people with a credit card and it is expected that a new system is going to be introduced which will mean that holders of credit cards get a statement every year, on the anniversary of when they took out the card.
This is a new initiative that has been started by the UK Cards Association. They have developed this initiative through a partnership with the Department for Business. The idea is that it is going to give credit card customers an idea of their overall yearly spending.
This sort of report is going to give the customer a better idea of how much their credit card is actually costing them. The statement is going to mention everything, such as annual fees, interest payments, and any associated bonuses. The information is going to be industry wide, so companies are not going to have a choice about what information they put on the form.
The idea is that this report is going to give people more information about how well they are managing their finances, and inform them if they need to be more responsible in the future. The move to introduce this report is something that has been welcomed by most experts in the industry.
Despite the seemingly positive nature of this report, there are some issues which might come into effect in reality. For people with more than one credit card, they might find the statement is difficult to compare because they are released at different times of the year, assuming that the person took the credit cards out at different times. However, the reports should be able to encourage people to seek out the best deal on the market and reduce any costs associated with the credit card spending.