10 Important Things to Check in your Credit Card Statement
Mumbai, January 23, 2021
Are you being charged incorrectly by your credit card issuer? Is someone else using your credit card? Why are you being charged a penalty? The answers to all these questions as well as all details related to your credit card lie in your credit card statement which is generated and sent to you at the end of the billing cycle. If you have just been looking at the total spent and minimum due, it is time you pay a close look at the finer details. Here is a list of ten things that you should be checking in your credit card statement.
What to look out for in your credit card statement?
While browsing your offline or online credit card statement, here are the 10 important points you should check.
1) Payment Due Date
The due date of payment is the date on which the dues are to be paid to the credit card issuer. Past this day, there is a penalty on payments. It is important to not wait till the last day to make payments, especially by cheque which takes approximately two to three days to clear.
2) Statement Due Date
Different from the payment due date, the statement due date is the date on which the next statement is to be generated.
3) Interest-free Period
An interest-free period is a grace period between the transaction date and the next bill due date when interest is not charged on the transaction.
4) Minimum Amount Due
This is the minimum amount, which is due from your total outstanding dues, which you have to pay to avoid late payment fees. It is useful to note that paying the minimum due amount does not translate into no interest.
5) Total Amount Due
This is the total amount that is due against your credit card. It is a sum of all transactions made on your card which has not been paid, along with any pending fees, charges or applicable interest. Failing to pay the total amount due results in interest charges accruing on the pending bill.
6) Billing Cycle
The billing cycle is the time period between two consecutive statement generation dates. Usually, it extends for 30 days and all transactions made during this time are consolidated and mentioned in the online credit card statement.
7) Transaction Details
This is a list of all offline and online transactions made on the card, with details of date, item and expense. Taking a careful look at this list can help you spot any unauthorised transactions, incorrect charges levied, as well as allow you to analyse your spending pattern for better budgeting.
8) Credit Limit
There is a limit to the amount of money you can borrow on your card. This is known as the credit limit and can be found on your credit card statement. Every time you transact using your card, your available credit limit decreases. It gets replenished when you clear the dues.
9) Cash Limit
Cash limit is the amount of cash you can withdraw on the card. It is a portion of the available credit limit. You can find details about your credit card cash limit on your monthly credit card statement.
10) Reward Points
Reward points usually expire after some time. Therefore, it is wise to keep a check on the available reward points and redeem them in time. You can find all details related to total reward points earned, redeemed, and expired, on your credit card statement.
Apart from this, your credit card statement can also include, in some cases, any other relevant information which the bank feels you should know. This may include changes made to terms of usage, new features available on the card, modification of the applicable interest rate, etc.
As there are quite a few things to look out for, you can opt to make viewing and managing your credit card statements easier by referring to a credit card app, such as the Finserv MARKETS app.
Why Choose Finserv MARKETS While Applying for A Credit Card?
Choosing a credit card from Finserv MARKETS has many advantages-
1. The Finserv MARKETS app has cards from some of the popular financial institutions in the country such as Citibank, SBI, RBL Bank, Axis Bank, etc.
2. You can compare the different cards available based on fees, charges, benefits, features, offers, rewards, etc. and get the best credit card suited to your lifestyle.
3. You can effortlessly convert transactions made on the credit cards available on the Finserv MARKETS app into affordable EMIs.
4. There are special cards available on the credit card app, which allow you to avail personal loan to address emergencies and pay back the amount in flexible EMIs.
5. The credit cards available on the online credit card app offer the benefit of cash withdrawal.
6. The cards on the credit card app are some of the best ones available in the market and have strong and stringent security measures in place to protect your money from fraudsters and other cyber threats.
7. To help you save on your day to day expenses as well as big purchases, the credit card app gives you an overview of the various deals, discounts and offers available.
Your credit card statement is the easiest and most dependable way of keeping a check on your financial health. By thoroughly browsing the financial activity on your card, you can prevent yourself from running into debt, while also taking insights and making informed decisions to improve your financial situation and your overall credit score.
(Disclaimer: This is branded content. Readers are advised to exercise due diligence and discretion before entering into any correspondence, investment, purchase, business dealings or any other decision on the basis of this content.)