April 2nd, 2012 
Kevin Martinez On the anniversary of opening a credit card account cardholders can expect to receive their first annual statement that includes spending, fees and costs incurred over the past 12 months.
The UK Cards Association in partnership with the Department for Business, Innovation and Skills has developed the new annual statement.
For the first time, customers will be able to see at one glance how much they have spent in the previous 12 months and what costs and charges were made.
Credit card owners are likely to receive their first annual statement on the date the account was opened. Some credit card companies have already begun sending new statements to card customers.
Melanie Johnson, Chair of The UK Cards Association said: “Annual credit card statements will help empower customers by giving a clear view of how they’ve each managed their plastic over the past year.
Johnson continued: “By clearly setting out costs and charges this industry initiative could help customers get a better deal either by being more savvy about how they use their current card, or by changing to another account that’s a better fit.”
The new annual statements contain the same information to help customers compare cards. T
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The bank seems to have forgotten its recent commitment to “provide value to customers,” instead issuing an interest rate ultimatum to thousands of credit card holders. More banks are expected to follow suit to make extra profit while the Bank Rate is low.