New Credit Card Law Creates Better Monthly Statements

by Odysseas Papadimitriou on February 25, 2010

Recently I received a brochure from Capital One’s credit card division that summarizes the changes made on their monthly statements, as a result of the new credit card regulations. All credit card issuers have made similar changes, therefore I thought that a visual representation of the “new credit card statements” would be helpful in showing everyone what to expect.

There are 5 types of changes:

  1. A new account summary box to help you find the most important info at a glance: New Balance, Minimum Payment, Due Date.
  2. Calculation of how long it would take to pay off balance if paying only minimum payments.
  3. Clearly stated late payment warning to let you know what happens if your payment is late.
  4. Two transaction columns on the 2nd page require less paper.
  5. A separate section detailing fees and interest charged each month and early totals

credit-card-statements

Discussion

Syed Naqvi
Fantastic card info....keep it up. http://www.alltimeprint.com/plasticbusinesscards.php
May 7 at 07:24 am
D. Ebt
Absolutely. And made easier by dividing us as well. Some subject just don't have easy answers. Those are prime distractions for sure.
June 8 at 12:32 pm
barbaraerik
Monthly credit card statements will be changing significantly. Card statements must include a box showing cardholders how much they have paid in interest and in fees during the current year.
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March 12 at 06:14 am
Terry
Seriously i was not aware about this new law on credit card. Thanks for sharing this by the way this demo statement which you have given this is also very informative & easily understandable. As i am also a financial writer so this is a very good online resources for me to get the new ideas about different financial topics. Here is my site please visit...
http://financeformulas.blogspot.com/2009/04/avoid-credit-card-fraudwith-help-of-his.html
March 12 at 02:57 am
Lillie
I also received a similar statement from Capital One as well. Many of the new terms for The Credit CARD Act of 2009 became effective February 22. All consumers should ensure that they read statements and monitor their accounts consistently whether on paper or online.
February 25 at 11:49 am

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