Lifestyle Trends

Lifestyles & Trends - A new look to credit card statements

(ARA) - Customers can expect a new look to their credit card statements - the enhancements are designed to help consumers better understand their accounts and will be introduced in February when the Credit Card Accountability, Responsibility and Disclosure of 2009, also known as the CARD Act, goes into effect.

In addition to layout improvements, the new statements are easier to read and include information about how long it will take and how much it will cost to pay off your balance if you only make minimum payments.

"It's important for consumers to be aware of the changes to their credit card statements," says Jenn Ehresman, customer experience executive at Bank of America. "The new statements will make it easier for consumers to manage their accounts and keep them in good standing."

Additional changes to credit card statements stemming from the CARD Act include:

* Improved format for quick access to your information.

* Account summary of monthly transactions including totals by transaction category, total fees and interest for the statement period.

* Year-to-date totals of fees and interest keeping a cumulative total of the fees and interest on your account.

* Due date reminder, listing the date by which your card issuer will need to receive your payment in order to ensure on-time payment and prevent late fees.

In addition to the new credit card statements, Bank of America is providing its consumer credit card customers with the Credit Card Clarity Commitment, an easy-to-read, one-page summary of their card rates, fees and payment information. The card issuer believes everyone should fully understand the benefits, costs and responsibilities that come with its credit cards, enabling customers to make more informed budget decisions.

"In the end, when our customers succeed, we succeed," Ehresman says. "Delivering simplicity and choice across our products and services will help our customers better manage their finances."

Courtesy of ARAcontent