Understanding Credit Card Statements

A personal loan is an amount of money you can get from a lending agency that you can use for many purposes. For example, you may use a personal loan to clear off debt, do home renovations, or plan for an ideal Download Your Credit Card Statement] – Seems to be a simple button but what goes around it, responsible users like you can easily spot. We know its meticulous, it’s tedious but what to do, at the end of the day you have to go through your credit card statement thoroughly. What we can do is simplify certain things for you like the meaning of credit card statement, important terms associated with it and how to download and access your credit card statement. So let’s get into it.

What is a Credit Card Statement?

Simply speaking, a credit card statement is a financial document that entails all your digital transactions made through the credit card of your specific bank. Be it payments, purchases, debits or credits, everything is listed in this complex yet understandable document. It is released every billing cycle monthly and you must pay the amount within due date to keep your financial health in check.

Read Also: Understanding the Credit Card Minimum Amount Due: What It Is and Why It Matters

Important Terms Related to Your Credit Card Statement

• Payment Due Date: If there is any outstanding balance accrued on your credit card, you have to pay it monthly on a date decided by your credit card company in advance. This date is payment due date.
• Minimum Due: The minimum due is the minimum amount that you must pay in case you are unable to pay the total amount. This amount must be paid to prevent yourself from penalty fee. The amount is usually 5% of the total outstanding amount.
• Credit Limit: Credit limit is the total amount you are allowed to borrow on a single credit card. This amount is pre-decided by the credit card company at the time of credit card application and depends on various crucial factors. These factors are significant and depend on certain information requested from the applicant such as their annual income or their creditworthiness.
• Billing Cycle: Billing cycle is the duration between which your credit card bill is generated ranging from date X to date Y. For example, if your bill was generated for April month on 1st April 2019 and the bill for May was generated on 1st May 2019, then the billing cycle is the duration between these dates i.e. 30 days. The dates for billing cycle are decided by the bank when you get the credit card. You can request for a cycle change by writing to the bank directly or by calling the customer care department of your bank.
• Current Outstanding Balance: It is the total amount that is due on your credit card at any given point in time. Credit card companies calculate it for the last billing cycle i.e. the period after the last bill generation. Any active loan EMIs, revolving credit (any outstanding amount from last billing cycles), interest, and taxes are also included.
• Transaction History: This shows a list of all the transactions whether debit or credit, made by the cardholder on their credit card and can be accessed anytime by them. It is a detailed account and is made available through net banking facility.
• Rewards and Offers: While making use of credit cards, you can gather reward points and finally redeem them for attractive gifts from the bank’s catalogue.  There is specially a section for this in your credit card statement where you can view the rewards and rebates. This makes the shopping experience better for you.

Read Also: How to Transfer Money from a Credit Card to a Bank Account

Different Components of Credit Card Statement

To make the credit card statement easier to comprehend, credit card companies divide it into certain sub-sections. Here we list the details of the complicated credit card statement to make your understanding of it easier:

• Personal details of the cardholder such as the name, email address and residence address
• Account Summary including opening balance, finance charges, total dues, payments made, purchases and more
• Any past dues such as over-limit charges, one-month dues, current dues and the minimum amount due
• Details of domestic transactions such as date, description of the transaction and the amount
• Reward Points summary showing opening balance, adjusted balance and closing balance of reward points on the credit card
• Offers on the credit card specific to the customer
• Vital Information regarding the terms of the bank

How to Access & Download Credit Card Statements Online?

You can comprehensively check your credit card statement online by two main methods which are via net banking or mail.

Accessing Credit Card Statement Through Net Banking

If you are registered for net banking account, just login into your account and view the credit card statement and download it. In case you are not registered, sign up with your sixteen digit credit card number. Login again to access your credit card statement.

Accessing Credit Card Statement Through E-mail

Every month your transaction summary is mailed to you by the bank. You can check it thoroughly for errors and raise a dispute with the bank if you find any.

Conclusion

Your credit card statement is a mirror to all your transactions done in a month. Analyze it carefully and take control of your expenses. If you find any illicit transactions being done, report it to your bank immediately and for any query regarding the world of credit cards, do contact us. You can even buy a suitable credit card from us. Happy Banking!