Credit card statements to save you money

Soon customers will receive a new-look credit card statement with details on how to save thousands.

The new credit card statements, to be introduced in July next year, will have to be individually tailored and will include how much it will cost in extra interest repayments if a customer only pays the minimum amount, how many more years it will take the consumer to pay off their credit card if they continue to make only minimum repayments, how much time and interest they could shave off their bill if they paid a bit extra, and if they fail to make a repayment by a certain date, what they will be charged by their bank.

The changes will also include reforms that will force credit card lenders to allocate repayments to higher interest debt first.

They will prevent banks from charging over-limit fees unless consumers specifically agree that their account can go over the limit.

Source: Sunday Telegraph