Things to look for in Credit card statement | Fusion - WeRIndia

Things to look for in Credit card statement

Things to look for in Credit card statement

Most of the people these days are using credit card as it facilitates easy payment. You need not carry cash and thus can avoid risk. Moreover you will have time period of 45 days to make payment.

Regular users of credit card will get statement for the transactions they made. Here are certain things you need to check in a credit card statement.

The first and foremost thing you will have to look for is total amount due. This implies the total amount you will have to pay for the transactions you made. This includes financial charges. If there is any interest or other charges it will be applicable.

The next things you have to check in your credit card statement is the transaction information place. It includes all your transactions, the date on which it is made and the place of transaction. You can also check if any extra fees is charged.

Minimum amount due reveals the amount you need to pay on your total bill amount. This amount differs with each card and on the institution from which you get your card. It ranges between 5 to 20 per cent. If you are not able to pay the total amount due on your credit card you can pay a minimum amount. This does not affect CIBIL score.

Another thing you need check for in your credit card statement is available credit limit. It is the difference between your used credit limit and the total credit limit.

Cash limit is the maximum limit which you can withdraw using your credit card. Except in emergency conditions, it is not advisable to withdraw cash as it includes several charges and interest.

Reward points gives you the view of credit points you earned on your credit card and they can be redeemed. Statement date reveals the date on which your statement is generated. Payment date means the last date to make payment of your credit card bill.

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