How to check Credit Card statement?

Credit Cards have proven to be a very useful financial instrument for most people. It not only offers convenience in payments but also allows a free grace period to defer payments. Further, rewards have always encouraged the usage of Credit Cards. While using Credit Card is handy, you need to be aware of all your transactions and usage. This not only ensures that you control your spending but also saves you from unauthorised usage or unnecessary charges. Here’s how Credit Card statements work!

What is a Credit Card statement?

A Credit Card statement is basically your Credit Card bill that reflects all the transactions that you undertook during the billing cycle. All your purchases, payments, credits and debit transactions are visible in the Credit Card statement. Further, it also reflects the charges and interest charged by the Credit Card company. After you download Credit Card statement, you should go through all the entries in your statement.

How to read Credit Card statements?

Each month, your Credit Card company will issue the statement. You can check and download Credit Card statements online. After downloading the CC statement, you should go through the transaction history, both debit and credit as well as all the interest and charges. This ensures that you are paying only for what you used. Also, make sure to check the due date of payment to ensure that you don’t skip the payment.

Understanding your Credit Card statement

While you have understood how to check credit card statements, you might come across certain terminologies when checking it. Here’s a quick explainer for Credit Card statement check to make it easier for you:

Account summary: This shows the entire summary of your Credit Card account. This includes total debits, credits etc.
Transaction details: This shows the details and particulars of your Credit Card transactions conducted during the billing cycle.
Billing cycle: This is the period for which the Credit Card statement is being issued. Billing cycles are usually monthly across all the Credit Cards.
Statement period: This is similar to the billing cycle i.e., the period for which the CC statement is being issued.
Credit limit and available limit: The Credit limit is the total Credit Card limit sanctioned to you. The available limit is the credit limit available to you after deducting the limit already used by you.
Minimum payment due: This is the minimum payment amount of your Credit Card bill that you need to pay to avoid late charges and negative points. It is usually 5%-10% of the Credit Card bill or outstanding amount.

Also Read: Demystifying Credit Cards: How do Credit Cards work in India

Credit limit: This is the overall credit limit sanctioned to you. You should remember that Credit Cards provide you with both credit limits and cash limits.
Fees and interest charges: Fees and charges basically involve the charges being levied by the Credit Card company to provide you with the card facility whereas interest is charged on the outstanding amount.
Reward points or cashback summary: Most Credit Cards provide you the reward points as well as cashback for using the card. The reward points can be redeemed against bill payments or obtaining discounts.
Payment due date: This is the last date on or before which you should make payment. If you fail to pay your Credit Card bill before the payment due date, then the Credit Card company will charge late payment fees as well as interest on your outstanding amount.

How to get your Credit Card statements offline?

Most Credit Card companies send the Credit Card statement to the customer’s residence each month. You can even request a physical copy of your Credit Card statement by visiting your bank or calling the customer care department of your Credit Card company.

Axis Bank Rewards Credit Card

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Welcome benefit of 5,000 EDGE reward points on cumulative net spend of ₹1000 or above within 30 days of card issuance.
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Up to ₹1,000 memberships every anniversary year.

And many more…

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Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.