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3-min read

How to Read Your Credit Card Statement

These are the basic details listed out in the monthly statement card of your credit card.

Updated:April 30, 2019, 1:44 PM IST
How to Read Your Credit Card Statement
These are the basic details listed out in the monthly statement card of your credit card.

Own a credit card? Great. This one is especially for you. While spending money on items necessary or unnecessary might be more convenient with a credit card, it’s important to get your basics right so that you don’t end up with a great credit card debt cycle. And one of the most important things you need to know how to do, is to know how to properly examine and read your credit card statement every month. It can help you gauge your spending habits, know where to make cuts, and help you spend wisely. Here’s all you need to know about a credit card statement:

The amount of transactions:

Make sure you keep a check on the list of transactions you make per month. A statement pretty much gives a detailed layout of all your transactions, including the date, type of transaction, location of transaction. Make sure you see if there are any scams or fraud transactions, lest you end up paying undue amounts of your hard earned money.

The statement period:

It is usually located on the right top corner of the statement, and is of great help to understand when your statement cycle begins and ends. Keep a close check on it so that you don’t miss payments, or you might end up paying interest or penalties for the same.

Due date:

Needless to say how important this is, since this will decide the date before or on which you need to pay the due amount, minimum or full. Take care of not crossing this date since missing out or defaulting not only leads to penalties, but leads to a bad credit score. This might affect your future chances of procuring a loan or any other card.

Minimum amount:

You may spend a lot, but at the end of the month you have the option of choosing a certain minimum amount against the full amount due. While this eases off the burden a little, note that this is not the full amount. It is highly recommended to pay off the full amount unless you want to accumulate interest against what you owe.

Total Outstanding:

This is the total amount due on your credit card. It is different than the minimum amount; and it is always sensible to pay this off to avoid extra charges and interest.

Credit Limits:

There are three sections under this, namely Total Credit Limit (total amount allotted to you on the credit card), Available Credit Limit (the amount left on your card after making n number of transactions on it), and Cash Limit (the amount of money that you are allowed to withdraw at ATMs). Make sure they all match with the amount of transactions you have made in the month.

Reward Points:

All the reward points earned by you are gathered and shown in detail. The details include the balance you have, the points that have gone void due to non-usage, and the points that have been carried forward.

Account Summary:

This is the summary of your balance at the end of the month. Think of it as a preview for your account, as it shows the balance due, balance spent, and extra charges all together at one go.

These are the basic details listed out in the monthly statement card of your credit card. Apart from these, more information could be added depending on bank to bank. So stay sharp, keep a check on all of the information, so that you could use your credit card to its fullest potential.

To know more, click here.

This content has been created in association with YONO SBI.

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