Are you an avid credit card user? If so, you might have received a Credit Card statement every month. Confused trying to read it? Not to worry…We’re here to help you read and understand your Credit Card statement.
A Credit Card statement records all the transactions you have made during the previous one month. You may receive your statement via courier or as email depending on your choice. Or you can view it online (via NetBanking). You should check it thoroughly & if you find an unauthorised or suspicious transaction, immediately contact the bank. Credit
Important things to look for when you view your Credit Card statement:
Credit Card Transactions
A chronological list of all the transactions you have made during the statement period (a one-month period preceding the statement date) will be available in your statement with domestic and international transactions listed separately. The date you made the transaction, a description of the transaction and the value are the details of each transaction. Any credits into your account like a Credit Card bill payment you may have made or a refund you may have received can also be seen marked with a ‘Cr’ next to the amount. You can check each item against the charge slips or transaction alerts. It is a good idea to skim through this list of transactions every month and make sure there aren’t any errors or fraudulent activity.
Credit Card Statement Date
You can check the statement date (the date the statement was generated) and, most important crucial, the payment due date (this is the date by which you should pay the total dues to avoid finance charges and late fees on the credit card).
Credit Card Dues
You must check the total dues (sum of all your transactions during the statement period plus any past dues) and minimum amount due (amount you must pay to avoid late payment charges).
Credit Card Limits
The credit limit shows how much you can spend in a month, available credit limit (the credit limit minus what you have already spent) and available cash limit (how much you can withdraw from ATMs)
Account summary
It is an overview of how much you paid the bank and how much you spent and past dues if any.
Reward points summary
Check out the total reward points you have accumulated during the statement period. This section also intimates you if any points are likely to expire and points you may have claimed.
Credit Card Offers
This section highlights special offers if any which you can avail within a specific period.
Important and statutory information
The terms and conditions associated with the card, any changes to the cardmember agreement, payment options and information like how to hotlist lost or stolen cards are given as statutory information in the card statement.
Now that you have had a walkthrough on your credit card statement you can always be aware of all your financial records. Knowing these points will help you avoid unnecessary fees and other mistakes that could cost you. So happy shopping with your credit card!
