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Credit Card Statement: 8 Important Things To Look For

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Individuals who use credit cards for most of the transaction will receive credit card statement on a regular basis. The major advantage of using a credit card is you get 45 days time to make payment for the bill. And added advantage is you get cash back points.

 

Regular credit card users should make sure they go through their credit card statement properly and understand the same.

Here are 8 major important things to look for in a credit card statement:

Available credit limit

Available credit limit

The available credit limit is the difference between your amount which is due and your credit limit. Say, for example, if your credit limit is Rs 50,000 and you have used your card to make payment for Rs 2000, your available credit limit will be Rs 48,000.

Cash limit

Cash limit

It is the maximum limit you can withdraw cash from the card. Above that amount, you will not be able to withdraw cash.

Total amount due
 

Total amount due

The total amount which needs to be paid. This will include financial charges, if there is any interest or other charges if applicable.

Minimum amount due

Minimum amount due

This is a part payment on your total bill amount. When you are not able to pay the complete amount, you can pay a minimum amount to maintain good credit hold.

The amount varies between 5-20 per cent depending on the institution and type of card. Paying a minimum amount does not alter your CIBIL score.

Reward points

Reward points

Rewards points give the summary of credit points earned and redeemed.

Transaction information

Transaction information

Check the transaction details such as the date on which it is swiped, place of transaction, if any extra fees is charged.

Statement date

Statement date

The date at which your statement is generated. This will inform regarding the amount to be paid and last day to make payment.

Payment date

Payment date

This is the last date to make payment of your credit card bill. After this date bank can charge you huge interest and late payment fee which ever is applicable.

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