If you read your credit card statement carefully, then you would know that it contains a lot of important information. But many people do not pay much attention to the credit card statement, one of the reasons for this is the technical terminology in it. Which is a bit difficult to understand. But if you understand the credit card statement, then you can also catch any discrepancy in your credit card bill. Today we are going to tell you about some such words which are used in the statement of credit card, and which contain much important information:-
Payment Due Date The
The payment due date is the last date for payment of credit card bills. If you do not make the payment by this date, you are subject to two types of charges. First- you have to pay interest on the outstanding amount and second, you have to pay a late payment fee.
Minimum Amount Due
If you are not able to pay the entire bill of the credit card, then you can pay part of it, this is called Minimum Amount Due. The advantage of paying the minimum amount is that there is no late payment fee. However, for the time being, as long as the remaining balance remains in your statement, you will have to pay interest on the same.
Credit Limit
A credit limit means that the credit cardholder can spend only up to a certain limit. There are three types of limits shown in the statement. Total credit limit, available credit limit and cash limit. Total Credit Limit- is the amount given to you by the bank on the credit card. Available Credit Limit – is the amount that is left after making a purchase on the card and which you can use now. Card users also get some cash limits which is part of the credit limit.
Reward Points Balance
A credit card statement shows its status along with reward points. In a table, you are given the number of reward points earned from the previous cycle, points earned in the current billing cycle and points expired.
Account Summary
The monthly statement contains a summary of credit card balances. This section will contain your opening balance, which is the limit on your credit card at the start of the new billing cycle. This will be accompanied by the amount spent in the current cycle and the payment made for the card plus any additional charges incurred in the current billing cycle.
Transaction details
How much money came into your credit card account and how much was spent, complete information about it is in the transaction details. This section should be checked carefully and if anything is found wrong, the bank should be informed immediately.
