Credit cards must give annual statements
CREDIT card companies will have to issue an annual statement of fees and charges from December.
The move comes after credit card firms were lobbied by the Government to ensure greater clarity in billing.
An official report warned monthly bills might give a false impression of the real costs involved. Members of the UK Cards Association, including HSBC, Barclays, American Express, Lloyds and Nationwide, have all signed up.
The statements will show how much card users pay for charges, interest and cash advances. The Department for Business and Skills report, Consumers Powering Growth, also proposes banks and shops combine all their customer information in one main database.
Called “mydata” it would help people identify the best mobile phone contract for them based on their usage or work out the fat content of the food they buy.