Every Tuesday, Smithee presents an article about his own experiences with credit cards and observations about the credit card industry.
Back in mid-December we told you about some of the changes that would soon be enforced on credit card issuers, my favorite of which is a new layout and design to the statements so that they’d be easier to read.
Firstcoastnews.com has a video in the sidebar for this story that has a few brief looks at a prototype of how the new statements could look. From what I could see in the video, I don’t think the redesign goes far enough. At the very least, I’d like to see the balance be twice as large as the rest of the text. I’d make the previous cycle’s interest charges bold and red and I’d include an amortization chart of how long it would take to pay off the balance if every future payment was the same as the previous one.
A man can dream, can’t he?
Card issuers have until July 2010 to put all of these changes in effect, but undoubtedly some will get around to it sooner than others. Have you seen a redesigned statement already? Do you think it’s all nonsense to do this in the first place?
Updated January 15, 2009 and originally published January 13, 2009. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.
Rank: Quarter
{ 2 comments… read them below or add one }
I think it’s nonsense. People know their balances, they just refuse to acknowledge them. You could have a marching band come and play when the bill comes in and fireworks light up the sky with the balance and people won’t respond.
There sure is a lot of credit hate, and I’m always fascinated by it. Credit Cards provide a service and do not force you to use them. I realize that many people are in debt and have high interest rates, but AMEX didn’t tell you to buy that Garth Brooks CD or go out to eat dinners instead of making food at home and having leftovers.
I’ve had credit card debt and I’ve done the years of eating ramen to pay them off. I still don’t hate them.
I guess amortization schedules would help those who have no idea what an interest loan actually means (most people out there from what I gather), but I’m mainly looking forward to being able to see my current interest rate. I spent about half an hour looking for that on my Discover card’s website, and still couldn’t find it.