by Alison Storm | 07/22/10

The Credit CARD Act created lots of changes-- including the look of your credit card statement. The goal, according to FederalReserve.gov, is to create clear communication between consumers and credit card companies. Here are ten changes to watch out for:

1. Summary of Account Activity: Here you will see a summary of the recent transactions on your account including payments, credits, balance transfers, cash advances, fees, interest charges and amounts that are past due. You will also see how much available credit you have.


2. Payment Info: This section explains the minimum payment due and the date on which your payment is due.


3. Late Payment Warning: If your payment is late, this is where the credit card company explains the possible penalties.


4. Minimum Payment Warning: Ever wonder how long it will take to pay off your credit card if you only make minimum payments? Now that information will be on your monthly credit card statement. You'll also be able to see an estimate of what it would take to pay off the credit card in three years.


5. Interest Rate Changes: If your credit card company plans on increasing your interest rate, this is where you will be notified. The credit card company must tell you 45 days in advance.


6. Changes to Account Terms: Your credit card company must notify you of any other significant changes 45 days in advance.


7. Transactions: You will see a list of all of your current transactions.


8. Fees and Interest Charges: You will also see a list of fees and interest charges listed clearly.


9. Year-to-Date Totals: Here you will see the total in fees and interest charges that you have paid to date during the current year.


10. Interest Charge Calculation: This is a summary of the interest rates that you are charged for various transactions.