Credit Card Statements Officially Change for the Better
By Steven Gibbs
July 28, 2010
Earlier this month things should have gotten just a little bit easier for credit cardholders. While it may not be the changes everyone is looking for, on July 1 a provision of the Credit CARD Act which outlined new rules for credit card statements took effect. These rules are intended to help cardholders get a better understanding of their credit cards, which hopefully allows users to save both time and money. In all these changes are a good start for any cardholder, but even with this information it is up to the person carrying the plastic to use that information wisely.
According to an article entitled "A Guide to the New Credit Card Statements", when looking at your statements moving forward cardholders should see improvements as the following sections should be detailed:
- Account summary
- Payment information
- Any changes to cardholder’s interest rates
- Any changes to cardholder’s terms of agreement
- Recent transactions
- How interest rate charges are calculated
As a growing number of people are looking to get their finances under control, especially credit card purchases and payments, knowing and understanding your statement can go a long way. Even while it has become simplified, it is still best to calculate any interest or payments that may show up on your statements. This will not only allow you catch any mistakes that may have been made by your issuer, this will also allow you to not only see what swiping your plastic is really costing you (if you carry balances each month). In addition to that it will help show you the amount of money you could be saving by using your credit card less or paying off any balances before they accrue interest.