10 changes to your credit card statement
Deciphering credit card billing changes
As of today, your credit card statement must meet new formatting requirements mandated by the Federal Reserve Board. The Board approved the disclosure requirements along with other credit card reforms Dec. 18, 2008.
Billing statements must now present key information in a summary table organized into clearly labeled sections, and disclose the penalties for paying late and the true cost of paying the minimum. According to the Federal Reserve, which has a sample statement on its website, consumers will see additional information on their credit card billing statements.
Read on for specific information about each of the 10 changes to your credit card statement.