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What is Credit Card Statement? How to Check Credit Card Statements Online?
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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.
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As the name suggests, a credit card statement is a summary statement of all transactions you make in a month. If you are a credit cardholder, you must know that your issuing bank sends you a credit card statement every month. It is a summary of how and you have used your credit card throughout a billing period.
Credit card statements are quite difficult to understand sometimes. It contains terms, numbers, percentages that play a crucial role in your total credit card balance calculation. However, it is imperative to read the fine print and understand the numbers and terms of a statement. If you ignore checking your credit card statement, you will end up with more debt than you can handle.
As a responsible user, it is crucial to read your credit card statement every month. It allows you to keep track of your spendings and spot unauthorized charges or billing errors. The best part is that your liability for unauthorized charges will be limited if you report them on time.
Understanding the terms commonly included on a credit statement
There are several terms and general information on a credit card statement which you must be well-informed about:
It refers to the summary of all transactions on your credit card account, such as payment, 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:
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, 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 card 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 unauthorized 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.
How to Check Credit Card Statement Online?
There are two common ways to check your credit card 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 spendings.
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 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.
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.
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