The New Requirement
Effective April 2026, all credit card issuers must provide a one-page Key Facts Statement (KFS) before application completion. The KFS must clearly state: annual fee, joining fee, interest rate (monthly and annualized), all penalty charges, cash advance fee, and forex markup — in plain language, not buried in fine print.
What This Changes
Previously, card fees were often disclosed across multiple pages of terms and conditions. The new format forces a single-page comparison, making it easier to compare two cards side by side. It also requires lenders to highlight the "annualized percentage rate" (APR) — which on most credit cards ranges from 36% to 48% per year on revolving credit.
What to Check Before Applying
The KFS is available on the issuer's website and must be sent to your registered email. Before applying, look specifically at: the interest rate on revolving credit (never let a balance roll over), the grace period length, and whether the annual fee is automatically charged or waived on a spend threshold.