APACS, the UK payments association, wants the public to keep a closer eye on their credit card statements.

It has launched a guide, Understanding your credit card statement, after research it carried out discovered nearly half (47 per cent) of all adults do not check their credit card statements thoroughly.

The guide explains a range of common features found in statements and gives advice on what to look out for when checking statements. This includes a list of definitions of terminology used in statements, such as 'allocation of payments', 'payment date' and 'APR'.

The guide also advises on how and why credit card statements should be regularly and thoroughly checked and how checking statements can help fight ID theft. The guide advises those who spot fraud or a mistake on a statement to tell their card company immediately.

“You will still have to pay for any purchases that are not in dispute but your credit card company will usually freeze the transaction you are questioning.

“They will refund the actual transaction, and any interest automatically applied to your account, if there has been an error or you have been an innocent victim of fraud. These guarantees are provided by The Banking Code," it stated.