Credit card user? Things to keep in mind while looking at your credit card statement


New Delhi: You must hunt down all unauthorised charges, due dates, billing errors, and other items on the account before paying the bill, in addition to recognising errors in your name, address, and transactions made.

Credit cardholders receive an account statement from their banks at the conclusion of each billing period. The statement summarises a card’s usage during a specified time period, but if you’re unfamiliar with credit cards, the contents of the statement may be tough to comprehend.

Users of credit cards should read the tiny print on their statements to avoid being overcharged by the bank or accumulating extra debt. You must hunt down all unauthorised charges, due dates, billing errors, and other items on the account before paying the bill, in addition to recognising errors in your name, address, and transactions made.

Statement date: It’s when your credit card statement is generated, and it’s used in the late payment fee calculation. If you fail to pay your bills on time, the bank will charge you interest, which will be computed using your statement date as a factor.

Payment due date: Keep track of the ‘payment due date’ if you wish to avoid any unnecessary interest costs. This is the date when your bank expects to receive payment for the billed amount without any additional fees. It is recommended that a credit card user avoid deferring payment because there may be a time lag between when the payment is made and when the lender receives it.

Billing cycle: This is the time span between two consecutive statement dates, which is usually 30 days. A billing cycle is a period of time during which the statement is produced. The statement will represent all transactions made with the credit card during the billing month.If there is an interest penalty or a late payment cost, it will appear on the statement. Any money received to settle the bill, as well as any returns on failed transactions, will be displayed.

Grace period: Banks can apply late payment costs on a card if the amount due is not paid for more than three days after the payment due date, according to RBI guidelines. If the balance is not paid within the grace period, the bank has the right to charge interest, which will be computed from the due date.

Total amount due: It represents the total amount due over the course of a billing cycle. Aside from past billing cycle transactions, the total amount owed will also include any relevant interest, late payment costs, yearly charges, service charges, and other transactional fees.

Minimum amount due: It’s the smallest amount a credit card customer must pay by the due date on their account. This sum is paid to prevent being charged a late fee, which is a percentage of the outstanding amount that must be paid (usually 5%).

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