Checking Credit Card Statements

16th April 2007

Nearly half of all credit card holders, some 47%, do not check their credit card statements thoroughly and a further 4% admit to not even looking at their credit card statement according to new research released by APACS, the UK payments association.

APACS has launched a new advice guide to help consumers better understand their credit card statements. The guide gives useful hints and tips to help credit card holders 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'.

"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" said Sandra Quinn, director of communications at APACS.

Checking your credit card statement thoroughly is a vital method in combating fraud, and you should always check your statement for any unusual transactions.