A credit card statement is the summary of all the transactions you have made with your credit card. It is a vital financial document, carrying crucial information of your card, purchases, spending pattern, due date, etc. Financial institutions generate card statements once every month along with its bill.
As a credit card user, it is absolutely necessary to know how to read your card’s statements so that you understand the details about your transactions and can identify any discrepancy in the report.
You can access your card statement online or go through the physical copy received via mail. Let’s take a look at how to access the report.
Checking credit card statement
You can collect the details from the official page of your credit card vendor. For example, if you are using Bajaj Finserv RBL Bank SuperCard, you can visit their Customer Portal Experia or navigate to ‘My Account’ on their credit card page.
You will find the option to ‘View SuperCard statement”. Provide the correct login credentials and credit card details to access the monthly report. You will also receive a copy of your card’s statement over email after each month’s bill is generated.
Offering multiple options to access the necessary information makes it easier for cardholders to learn about the details of their credit card payment.
Details mentioned in a card’s statement
Card statements carry several particulars divided into sections and sub-sections. Here are the details generally found on the monthly report.
- Personal details like name, residential address, email address, etc.
- Account summary including transaction details, payment details, finance charges, total due, opening balance, minimum amount due, etc.
- Details of past dues (if any) like over-limit charges, one-month dues, etc.
- Summary of accumulated reward points including their expiration date.
- Terms and conditions of the issuer.
You should pay attention to these basic details and any other ones mentioned on your card.
How to use your credit card properly with the help of the statement?
The following are the factors that you should carefully inspect on your credit card statement.
- Outstanding balance – Your card’s outstanding balance is the total due amount you are liable to pay to your credit card company for that month. It is calculated from the previous billing cycle, and can also include present EMIs, resolving credits, tax, interest, etc.
- Billing cycle – Billing cycle is the time between 2 billing dates of your credit card. Your card’s bill is calculated and generated according to its billing cycle.
- Minimum due – Minimum due is the lowest amount you have to pay to the financial institution if you cannot manage to pay the total outstanding bill. It usually comprises of 5% of the total due amount. You can avoid a late payment fee by paying only the minimum due amount; however, the total outstanding amount will still be carried forward to the next billing cycle.
- Due date – Credit card companies fix a date within which you are required to pay your card’s total outstanding amount, known as the payment due date.
- Transaction history – Transaction history is a detailed report of all credit card payments you have made. You should carefully go through all the transactions to check whether there is any discrepancy or unauthorised entry on your credit account.
You can contact your credit card company if you find any unauthorised entry in your monthly statements. Most financial institutions offer some form of customer protection program with their credit cards to protect them against any such incident.
For example, Bajaj Finserv offers both zero fraud liability cover and in-hand security features to prevent any unauthorised transaction online or offline with their SuperCards. These security measures significantly reduce the chances of fraudulent transactions and offer means to cancel or block the card is lost.
Bajaj Finserv also provides pre-approved offers on credit cards, business loans, personal loans, home loans, and a range of other secured and unsecured financial products. Such offers help you simplify the process of availing finance and help you save time. You only have to share some essential details online to check your pre-approved offer.
Credit card’s statement is one of the most important documents you receive for that particular financial tool. Following these above-mentioned tips will help you go through the card statement by the book and ensure well-planned as well as responsible usage of the card.