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Credit Card Tips: It is not very difficult to understand the credit card statement, if you understand then you will know the error

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new Delhi. If you use a credit card, then you will have the details of the transactions done through it in the form of a statement every month. Credit card statement is a complete report in which customers are told about what they have bought through it and where they have spent money. The credit card statement is monthly and generated at the end of the card’s billing cycle. If you understand the credit card statement, then you can also catch the discrepancy in your credit card bill.

credit card billing cycle
The credit card billing cycle is also known as the statement cycle. The billing cycle starts from the day the credit card is activated. The billing cycle duration can be from 28 to 32 days.

Payment due date-
This is the last date for payment of credit card bill. There are two types of charges on payments made after this date. First, you have to pay interest on the outstanding amount and pay a late payment fee.

Minimum amount due-
It is the percentage of the outstanding amount (approximately 5 per cent) or the lowest amount (a few hundred rupees) that has to be paid to save on late fees.

Total Outstanding-
You should pay the total outstanding amount per month without any extra charges. The total amount includes all EMIs along with charges incurred during the billing cycle.

credit limit-
You will find three types of limits in the credit card statement, total credit limit, available credit limit and cash limit.

Transaction details-
In this section, there is complete information about how much money came in your credit card account and how much was spent.

Reward Point-
In the credit card statement, you will see the status of the reward points accumulated so far. Here you will see a table which shows the number of reward points earned from the previous cycle, points earned in the current billing cycle and points that have expired.

Tags: credit card, credit card limit

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