Consumer with higher credit ratings have more troubles reading their credit card statements
Consumers younger than 25 are challenged to get information from their credit card statements, Auriemma Consulting Group found. As age of the respondent increases, so does satisfaction with card statements. 44.7% of respondents under the age of 25 said their credit card statements describe APR well vs. 75.8% of retirees. 72.4% of consumers who had not transferred a balance in the preceding 12 months rated statements as very easy to read whereas only 62.3% of those who had transferred balances said the same. Card users making four or more purchases a month rated summaries of monthly or annual usage lower than light users, with 67.1% of the former saying their statements provide clear summaries vs. 74.2% of the latter. Respondents with non-prime credit profiles felt better served by statement communications than those with prime credit. 81.8% of non-prime cardholders rated their issuers high on statement summaries while 66.8% of prime cardholders said the same of their issuers.