Credit cards are an excellent technique to obtain funds. They not only give you financial flexibility, but they also allow you to boost and improve your credit score. In addition, every time you use your card to make a qualifying transaction, you will get cashback, points, or air miles. 

Your Credit Card Statement summarises your Credit Card usage within a billing month. If you’ve ever read a credit card statement, you know how difficult it can be. On Credit Card Statements, numerous phrases, numbers, and percentages establish your total credit card amount.

10 Factors to Consider When Examining Your Credit Card Statement

If you use a credit card, it’s vital that you understand the statement you receive at the conclusion of your payment period. 

Here are some things to watch for on your credit card statement.

1.Account Summary

The account summary on your Credit Card Statement displays all transactions performed during the previous billing month, the interest applied to the past due balance, any fees or penalties, and the total amount outstanding. The statement closing date, credit limit, and number of days left in your payment cycle are also displayed. 

Any transactions done after the statement closure date will display on your following billing statement. If you want to go through these transactions, simply log in to your net banking account or digital wallet. 

2. Credit Limits Are Available 

A Credit Card limit is determined by a number of factors. If you are a first-time user, your credit limit will be smaller. This cap is set by the bank, and the cardholder is not authorised to exceed it. Depending on the terms and circumstances, some providers allow consumers to exceed the limit. 

Banks often suggest sticking under the limit imposed by banks to prevent debt traps. 

3. Payment Deadline/Due date 

Credit Card Repayment: 6 Proven Strategies for Faster Bill Payoff

The payment due date is one of the most important items to check for on your Credit Card Bill Statement. It is the deadline for you to pay your fees. 

Making the payment on the last day—the payment due date—can, however, be a terrible choice since, if you pay with a check, it may take up to three business days to process, which can cost you interest and a late payment charge. As a result, you must confirm the final payment date and make the payment as soon as feasible

4. The total amount owed 

Service costs, penalty payments, interest on the remaining debt, any applicable late fees, carryover amounts from past billing cycles, and other charges are all included in the total amount payable, not just the minimum. 

You must search for any additional costs, like as interest or prepayment penalties, on your Credit Statement to prevent them. 

5. Minimum Payment Required/ Due 

If you appear unable to pay the entire amount owing, card issuers allow you to pay a small amount to avoid the late payment fee. With all credit card companies, you can choose to pay a monthly minimum rather than the whole amount owing. 

This payment is often little in comparison to the whole sum because it only reflects 3% to 5% of the total amount you owe the bank. As a result, if you are unable to pay the entire amount due and do not want to fall behind on your payments, make the minimum payment as a last choice. 

 6. Banking Charges 

You might wonder how your credit card statement ended up being more than you planned. This might be attributed to bank fees such as late payment penalties, interest charges, foreign currency markup fees, cash advance fees, and so on, so keep an eye out for such additional bank expenses. 

7. The Grace Period 

According to credit card company norm, the payment due date is usually 20-25 days following the end of the billing cycle. This time period is known as the “grace period” when it comes to settling credit card debts. 

Banks may only charge a card for a late payment if the amount owed remains unpaid for more than three days after the last due payment date, according to RBI regulations. After that, interest will be charged and computed beginning on the payment due date, if not paid within the grace period. 

8. Late Payment Notice 

A late payment alert will also appear on your Card Statement, encouraging you to make at least the minimum payment to avoid paying a late payment fee. The late payment costs will also be stated in this notification. 

9. Reward Points/Cashback 

Every credit card includes some kind of cashback or reward point programme that users may use on almost all of their purchases. Your statement also includes a billing cycle’s worth of reward points or cash back. 

Keep track of your reward cards and their validity so that you may redeem them for the relevant choice before they expire. 

10. Transaction Specifics 

Every cardholder must check transaction information as soon as their statement arrives. It is a list of all transactions done during the cycle up until the payment deadline. As a credit card user, it is completely your obligation to thoroughly verify the transactions to ensure there are no errors. 

Examining the transaction information is critical for helping you save money for the future and become aware of your purchasing habits. 
You may also want to know 13 Facts You Need to Know About Credit Cards 


A credit card statement is a thorough record of all transactions done on your account within a certain time period. It indicates all payments, credits, interest, and charges you have accumulated throughout the period in addition to your account balance, statement amount, minimum payment due, and due date. 

Your credit card provider sends you a statement once a month, shortly after your billing cycle concludes. We hope the information above has made it clear how important it is to monitor your credit card account on a frequent basis

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