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Credit cards are the plastic currency which provides power to an individual to purchase at the spur of a moment. They provide financial freedom to an individual. Credit cards are further accompanied by discounts, rewards and several other benefits. However, credit cards must be used, keeping in mind the income and credit cards limits. If not used in a wiser way person may find himself in the quagmire of paying the high-interest amount. Here, comes the role of credit cards statements.
Credit card statements
Credit card statements are just like any other bills. Credit card statements are a periodic document which fulfils the task of providing all the relevant information to an individual regarding payments, purchases, outstanding amounts and several other important information. Credit card statements save an individual from the long and cumbersome task of collating data and helps to analyze the payments.
Many people complain about the credit card statements being an obscure document difficult to understand. So, here we are to help you understand the components of the Credit Card Statements. At the end of this article deciphering the credit card statements will become just another easy peasy task. Let us understand the nitty-gritty of each and every component.
Components of Credit Cards Statements:
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Transaction Details
Transaction details list all the purchase of the preceding month in chronological order with information like the time and date of the purchase, the amount deducted, any extra charges incurred, etc.
2. Minimum Amount Due
The minimum amount due is a proportion of the total outstanding. If individual pay the minimum amount due, there won’t be any late payment fee; but, interest on the left outstanding amount will be charged for the time period it stays unpaid in your statement.
3.Total Outstanding
It is the total amount that an individual has to be paid for the month, including Equated monthly instalments and charges levied in the existing billing cycle as well as amount outstanding for the last billing cycle.
4. Credit Limits
This section includes:
- The total credit limit which shows the total credit limit provided on one’s Credit Card by the bank.
- The available credit limit is the sum that is available after an individual has made any purchases on the Credit Card.
5. Due Date for Payment
If the payment of even the minimum amount due is delayed past the due date, two charges will be imposed. Interest will be applicable on the total outstanding amount, and a late fee will be levied. The interest charges will be a % of the total outstanding amount, and the late fee is generally a fixed amount set. However, the late fee will be charged only when an individual fails to pay the minimum amount due on the credit card before the due date.
6 Account Summary
Account summary offers a quick overview of one’s Credit Card. It shows details like the opening balance, the amount spent the payments made towards the card, and any additional charges levied in the current billing cycle.
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Reward Points Summary
Reward point section of the Credit Card report indicates the reward points one has earned during the billing cycle and the total reward points available.
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Offers available
Offers section of the card statement shows any special offers, rewards available on one’s Credit Card.
Ways Of Availing Credit Card Statements
1. Online credit card statements:
Most banks have an online portal for the credit card statements where one can log in and get their details while others provide the credit card statements through the net banking option.
2. Offline credit card statements:
Bank also provides offline statements option. One can get the statements in hard copy to their registered address.
Conclusion:
Credit card statements are a periodic document which provides all the relevant information to an individual regarding payments, purchases, outstanding amounts and several other important information. Credit card statements save an individual from the long and tedious task of collating data and assists to analyze the payments. It can be availed both online and offline.
