What should be included on my credit card statement?

Credit Cards

A credit card is a device which is used by many of us as a way of paying for things which we can then pay off either immediately or over a specified period of time.

If you have a credit card from a particular bank you will be provided with a credit card statement which will provide information to you in relation to a variety of things.

Is there any legislation which governs the use of credit cards and other systems of credit in the UK?

The Consumer Credit Act 2006

The Consumer Credit Act covers all situations where credit is used to purchase goods. This can be anything from the use of a hire purchase agreement, using a store credit card is using a credit card which is provided to you by the bank.

What does the Consumer Credit Act say about the statement which I will receive?

In relation to a fixed sum credit agreement whereby you are entitled to credit up to a fixed sum the statement must provide information in relation to the money borrowed, the money paid back, the interest and the outstanding amount remaining to be paid.

What is a fixed sum credit agreement?

A fixed sum credit agreement is defined by Section 77A of the Consumer Credit Act 2006. It is essentially an agreement whereby you are permitted by borrow a certain fixed sum on credit. For example if you have a credit card with your bank which has a balance of a certain amount this will be a fixed sum credit agreement.

What are the requirements for a fixed sum credit agreement under the Consumer Credit Act?

    Under the Consumer Credit Act the creditor (the individual who has lent the money on credit) shall – within a period of one year beginning with the day after the day on which the agreement is made) give the debtor (the person borrowing the money) a statement.

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For more information on:

  • What happens if I do not receive a statement?
  • What happens if there are no further sums which are to be payable under the credit agreement?
  • In practice do I need to be aware of this legislation?