A credit card allows the card users to purchase items and avail services on credit, which needs to be paid later to the credit card company or the issue of the card, at a fixed date in a month. The fixed date on which the card user pays the card bill, the issuer sends off a credit card statement. A credit card statement is a record of purchases and expenses made using a credit card. A credit card statement is issued free of cost and can be sent both through an email or through physical delivery. The user needs to pay either the entire amount to the card issuer, which is the total due amount, or a part of it, which is the minimum due amount.
A minimum due amount is compulsory to be paid by the borrower to keep his card active. However, paying the total due amount at once, is a choice given to the card user, that he makes as per his repayment ability. Reading and going through one’sone’s credit card statement is important, as it helps one to identify an unrequired or unnecessary charge added to the credit card bills. Also, it helps one keep an authentic note of their payments and expenses by allowing the rectification of errors.
If you identify an error in your credit card statement, you should immediately inform the bank about it. Most of the errors are made due to double swipes made through a credit card, which can lead to paying twice the money for any expenses. Therefore keeping a check is important. This, however, requires one to know all the required information about their credit card statement.
A credit card statement includes some important components. These include the card holder’s personal details like name, registered address, and email id, and the name of the card issued by the lender to the borrower. Further, the credit card limit, cash limits, due date of payment, total due amount, minimum due amount, and total dues are also mentioned. In addition, the opening balance of the card, payments and purchases made, domestic transactions, transactions date, closing balance, offers on the credit card, and some important information is mentioned on the credit card statement. Amongst all of these, a good check must be made on due dates, minimum due balance, credit limits, outstanding balance, transaction history and on the billing cycle.
A credit card statement can be availed, both offline and online. To get online statements, one needs to operate the respective bank’s net banking account, wherein the required information can be gathered under the section’ section’ credit cards”. The e-statements can be downloaded in the pdf format for further checks. Offline credit card statements are sent to the cardholder’s registered address. However, many leading banks prefer sending statements via emails.
On a concluding note, a credit card statement is a good way to keep a check on one’sone’s expenditure. It keeps one informed about the billing cycles and scheduled repayments. Further, since the credit card statement also mentions the offers and rewards, a card user is updated of the same, and thus he can make the best use of it. A better check on a credit card is, however, important only when one is aware of all of its components. So, next time when you check your credit card statement, know all about it and then proceed, It will surely help manage finances well.