APACS, the UK payments association, has launched a new advice guide
to help consumers better understand their credit card statements. The
“/Understanding your credit card statement/” guide explains everything
consumers need to know about the common features and terms used and
offers advice on what to look out for when they are checking their
statements.
The guide gives useful hints and tips to help consumers understand
everything they need to know about the different terminology used on
their statement, helping to explain what is meant by phrases such as
‘allocation of payments’, ‘payment date’ and ‘APR’.
The guide also advises on how and why credit card statements should be
regularly and thoroughly checked. APACS research shows that nearly half
(47 per cent) of all adults do not check their credit card statements
thoroughly. A further four per cent of all adults admit to not even
looking at their statement.
Yorkshire & Humberside tops the league when it comes to not checking
credit card statements – almost one-in-ten of people in this region do
not check their statements at all.
Sandra Quinn, director of communications at APACS, said:
“Although people are getting better at checking their statements, our
research suggests that there is still a lot of work to be done. Armed
with this advice guide we believe consumers will be better equipped to
get the most from their credit card statement – enabling them to
understand the terminology on the statement, highlighting the importance
of checking the statement thoroughly and explaining what to do if you
are having trouble making repayments.”
APACS research quoted from Plastic Cards Omnibus Survey (June 2006). In
response to the question “How thoroughly do you check your bank and
credit card statement (by Government region)?” the following regional
breakdown was provided:
Government region Percentage of people who never check their
credit card statement
Yorkshire & Humberside 9%
London 5%
Wales5%
North West4%
Scotland 4%
South West4%
North East 3%
Northern Ireland 3%
South East 3%
West Midlands3%
East Midlands2%
East Of England1%
