Credit card customers will soon be able to access advice to help them understand their card statements courtesy of UK payments association Apacs.
In the midst of growing concerns over disparities between the ways different lenders present vital financial information to credit card customers, the Apacs advice guide will aim to clarify the options.
Common features of credit cards and terms such as APR, 'payment date', and 'allocation of payments' will be fleshed out for the benefit of befuddled customers.
For many, more advice will be welcome – consumer watchdog Which? has just issued a 'super-complaint' over the issue of credit card APRs, complaining that by failing to use a standardised system, banks make it difficult for consumers to compare products like-for-like.
But customers will also need to take responsibility for their borrowing, paying more attention to their statements – Apacs found that half of all UK credit card customers do not check their statements thoroughly.
This negligence could mean customer accounts are haemorrhaging funds before they notice – last month, TK Maxx customers were urged to check their credit card statements after the company suffered a massive breach of security.
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