Help Center
Locate us
What is a Credit Card Statement? How to Check Credit Card Statements Online?
Popular Products
Show More
Quick Help
Show More
Frequently Asked Questions
Show More
Each month, credit card users receive a statement documenting their transactions from the previous month, and you should know how to see credit card statement.
The account credit statement provides a concise overview of the transactions on your account, encompassing payments, credits, purchases, balance transfers, cash advances, fees, interest charges, and any outstanding amounts due.
The minimum amount due is the minimum payment required by the due date to keep your credit card account in good standing. Paying only the minimum amount may result in carrying a balance and incurring interest charges.
To address any issues with your online credit card statement, contact your credit card company through their customer service number, typically provided on the statement or the back of your card.
Retain your credit card statement download for 60 days unless they involve tax-related expenses, in which case, keep them for a minimum of three years.
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
Success
Failure
Credit card statements can be tricky to decode due to the inclusion of various financial elements. Reading the statement, familiarising yourself with the terms, and grasping the significance of the numbers and percentages presented are important. This understanding is key to calculating your total credit card balance accurately.
What is a Credit Card Statement?
A credit card statement is a monthly summary your issuing bank provides detailing all transactions made using your credit card during a billing period. This document helps you understand and manage your financial health. While credit card statements may initially seem complex with terms, numbers, and percentages, taking the time to comprehend them is essential for maintaining control over your finances.
Importance of Regular Review
Being a responsible credit card user involves reading your statement every month. A regular online credit card statement review allows you to monitor spending patterns, identify discrepancies, and promptly address unauthorised charges or billing errors. This proactive approach is financially prudent and helpful for minimising your liability in the event of unauthorised transactions. Reporting such issues can limit your responsibility for any resulting financial repercussions.
Understand Credit Card Statements Common Terms
There are several terms and general information on a credit card statement that you must be well-informed about:
It refers to the summary of all transactions on your credit card account, such as payments, credits, purchases, balance transfers, cash advances, fees, interest charges, and the balance due. It also contains the new balance, available credit (limit of credit minus the total amount you owe), and the due date of the billing period.
The payment information section shows your total new balance, the minimum payment amount (the minimum amount you will have to pay to avoid penalty charges), and the date your payment is due.
In this section, you will find information about additional fees and interest charges upon failure to make your credit card bill payment on time.
It contains information such as:
An estimate of how long it can take to pay off your credit card balance with minimum payment each month.
How much will you have to pay off your bills, including interest charges?
If you make a late credit card bill payment, your issuing bank will notify you regarding any increase in your interest rates. They will inform you at least 45 days before your rates change. Make sure to pay your credit card bills on time to avoid charges.
When your issuing bank raises interest rates, and fees, or makes other changes to your credit card account, you get notified a minimum of 45 days in advance.
It contains a list of all transactions you have made since your last credit cards statements, such as purchases, credit cards, payments, cash advances, and balance transfers. You may also find these transactions grouped by different types of transactions. Sometimes, these transactions are listed by date or user if more than one user is on the same credit card account. Make sure to read the list carefully to spot unauthorised transactions.
The fees and interest charges are listed separately on your credit card statement. Generally, interest charges are listed based on the type of transaction. For instance, the interest rate for purchases is different than for cash advances.
The total amount you have paid in fees and interest charges during the current year. You can always avoid fees, such as late payment fees by paying your credit card bills on time and in full.
Each transaction has different interest rates. So, it shows a summary of interest rates on different transactions, account balances, the amount of each transaction, and the interest charged for each of them.
Read Also: Nykaa's Credit Card Offers for Skincare
Different Components of a Credit Card Statement?
A credit card bill statement concisely overviews your credit card activity during a specific billing cycle. However, deciphering the information contained within can prove to be quite challenging. These statements encompass many terms, figures, and percentages that directly influence the calculation of your overall credit card balance calculation.
Being a responsible credit card user entails thoroughly reviewing the fine details and comprehending the numbers and terminologies featured in credit cards statement. Failure to do so might result in accumulating an overwhelming amount of credit card debt that surpasses your capacity to manage.
Benefits of Credit Card Statement
How to Get Your Credit Card Statement?
If you don’t know “how to check credit card statements”, Don’t worry, Credit card statements are typically sent by banks to the cardholder's registered email ID on a fixed date each month, known as the billing date. Alternatively, you can also easily view your credit card statement online by logging into your bank's net banking portal.
How to Check Credit Card Statements Online?
There are two common ways to check your credit card bill statement. You can view your credit card statement online via net banking or mail. You must check your monthly credit card statement regularly to keep track of your spending.
If you check your credit card statement online, you must have an active net banking account. You will need to log in to your account, view your credit card statement, and download it. If you do not have a net banking account, you can sign-up with your sixteen-digit credit card number. After registering yourself, you can login and view your credit card statement.
Another popular way to view your credit card bill statement is through the mail. Every month, your issuing bank sends you the summary of your transactions to your mail which you can view from the comfort of your home. Read your credit card statement carefully, and if there are any problems with the transactions, you can immediately raise a dispute with the bank.
Benefits of Checking Credit Card Statements Online
- Access your online credit card statement anytime, anywhere, providing unparalleled convenience.
- Online accessibility allows swift retrieval of statements, reducing the need for physical paperwork.
- Monitor your transactions in real-time, enabling immediate detection of any unauthorised or suspicious spending.
- Stay informed about your spending habits promptly through online platforms.
- Embrace eco-friendly practices by opting for online statements, contributing to a reduction in paper waste.
- Streamlined digital processes minimize the environmental impact associated with traditional paper statements.
- Online platforms offer enhanced security features to safeguard your financial information.
- Secure login procedures and encryption technologies protect sensitive data from potential threats, ensuring a safe online experience.
How to Read Credit Card Statements?
When reading your credit card statements, it's important to understand how to check credit card statements. Start with the account information, which includes your name, address, account number, and billing cycle dates. The account summary summarises transactions, displays the payment due date, and details payments, credits, and fees. The purchases section lists the date, vendor name, merchant category, and charged amounts.
Payment information shows your total balance, minimum payment due, and estimated time to pay off the balance. The account fine print contains contact information and your rights as a cardholder. Interest charges outline APRs for purchases, cash advances, and balance transfers.
Read Also : क्रेडिट कार्ड की स्टेटमेंट
How to Download Credit Card Statement?
Learn any approach to know how to get credit card statement that suits you best:
Access your net banking account, navigate to the Credit Card section, and select "Statement" to view your credit card statement.
Log in to your mobile banking app, go to the Credit Card section, and choose "CC Statements" to access your credit card statement.
Alternatively, you can download the statement directly, without logging in, by clicking on the provided link.
In short
A credit card statement is a summary of all the transactions you have made with your credit card in a month. It is imperative to understand all the terms used in a credit card. This way, you know what and how much you are charged in interest. The best part is that you can avoid unauthorized transactions if any.
FAQs
Q1. When do I receive my credit card statement?
Credit card statements are generated monthly, around the same date each billing cycle. The statement reflects all transactions made during that specific billing period.
Q2. How can I access my credit card statement online?
Accessing your credit card statement online is easy. Log in to your online banking portal, navigate to the credit card section, and select the statement option. Download or view the statement as needed.
Q3. What information is included in a credit card statement?
A credit card statement includes a summary of your transactions, payments, due dates, minimum payment details, interest charges, and other essential financial information related to your credit card activity.
Q4. How can I pay my credit card bill listed on the statement?
Use online banking to transfer funds from your linked account, set up automatic payments, or visit your bank to pay in person. Online options offer ease and efficiency.
Q5. How long should I keep my credit card statements?
It's advisable to keep credit card statements for at least a year or longer for tax filing or analysing spending patterns. Shred physical statements when disposing of them to protect your personal information.
Q6. Can I access previous credit card statements online?
Yes, most banks provide online access to previous credit card statements. Log in to your online banking account, navigate to the statement section, and choose the desired month or period to view or download past statements.
Q7. How To See Credit Card Statements?
To see credit card statements, log in to your online banking account, locate the credit card section, and select the statement option. Choose the relevant month or period to easily access and review your credit card transactions.
You have already rated this article
OK