Tue, 30 Aug, 2016
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Apacs publishes new credit card guide

A new guide has been launched by UK payments association Apacs, aimed at making credit card statements easier to understand for the millions of consumers that have the plastic method of payment.

Research from the organisation revealed that only half of credit card holders in the UK check their statements thoroughly, something that could mean they are unaware of how much interest they are accruing or what payments need to made by when.

The guide, entitled Understanding your credit card statement, was launched on Friday and aims to help people "get the most from their credit card statement", according to Apacs' director of communications Sandra Quinn.

"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," Ms Quinn said.

The east of England is the area deemed the best for checking their statements, according to the payments authority, with just one per cent failing to do so. With nine per cent neglecting their statements, Yorkshire and Humberside is the worst for keeping on top of the process.

Apacs' new guide follows last month's changes to the process regarding credit card fraud reporting, which placed the emphasis on banks as the first point of contact for consumers.