Interactive: How your monthly credit card statement will look
Credit card issuers must revamp monthly statements by 2010
By Connie Prater
Federal regulators have asked credit card issuers to make monthly statements sent to millions of credit card users easier to understand. The deadline for the changes to take effect is July 1, 2010, although some issuers may roll out revamped statements sooner.
The changes that clarify statements are part of a much larger series of credit card regulation reforms passed by federal banking agencies in December 2008.
In consumer testing of credit card statements, users complained that wording was confusing, the type too small and key information missing from existing monthly statements. Testers said they liked information presented in boxes that they could clearly read.
The previous standard for credit card disclosure was the so-called Schumer box, which required key terms to be listed in a table and included in credit card offers, applications and monthly statements. The new standard is like the Schumer box on steroids, with much more details about terms and what they mean.
Here's an explanation of some of the features of the new statements, based on the Federal Reserve Board's samples. Your new statement won't look exactly like this; each credit card issuer will design its own.
Place your mouse over any red circled question mark to get more explanation.
XXX Bank Credit Card Account Statement
Account Number XXXX XXXX XXXX XXXX
February 21, 2012 to March 22, 2012
Summary of account activity
Previous balance
Payments
Other credits
Purchases
Balance transfers
Cash advances
Past due amount Fees charged
Interest charged
New balance
Credit limit
Available credit
Statement closing date
Days in billing cycle
Late payment warning: If we do not receive your minimum payment by the date listed above, you may have to pay a $35 late fee and your APRs may be increased up to the Penalty APR of 28.99%.
Minimum payment warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example, if you had a balance of $1,000 at an interest rate of 17% and always paid only the minimum required, it would take over 7 years to repay this balance. For an estimate of the time it would take to repay your actual balance making only minimum payments, call (800) XXX-XXXX.
QUESTIONS?
Please send billing inquiries to:
Call customer service
1-XXX-XXX-XXXX
PO Box XXXX, Anytown, Anystate XXXXX
Lost or stolen credit card
1-XXX-XXX-XXXX
Important changes to your account terms
The following is a summary of changes that are being made to your account terms. You have the right to opt out of these changes. For more detailed information, please refer to the booklet enclosed with this statement.
These changes will impact your account as follows:
Transactions made on or after 4/2/12: As of 5/10/12, any changes to APRs described below will apply to these transactions.
Transactions made before 4/2/12: Current APRs will continue to apply to these transactions.
If you are already being charged a higher Penalty APR for purchases: In this case, any changes to APRs described below will not go into effect at this time. These changes will go into effect when the Penalty APR no longer applies to your account.
Revised terms, as of 5/10/12
APR for purchases
16.99%
Late payment fee
$32 if your balance is less than or equal to $1,000;
$39 if your balance is more than $1,000
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Pymt-Thank you
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Cash advance
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Balance transfer
Cash advance
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