Customers receive credit card statements quarterly or monthly depends on bank. But most of us simply check the outstanding amount on it and ignore other details.
This may lead to very costly as credit card statement is having some very important details. Also one can know any mistake as well as some fraud made with your credit card.
These are some points which must be checked in your credit card statement.
Limit
Credit card statement shows the credit limit as well as cash limit of the credit card. Generally cash limit is 20-30% of the credit limit. One must check any increase or decrease in the credit limit.
Due date
This is not the last day for the user to make the payment. It is the date by which the amount should be debited from the user account and realized by the issuer.
Transaction detail
All transaction details are also mentioned in the credit card statement. One can check the purchase and the value correctness.
Amount due
Amount due is the total of any purchase, last fees, interest, penalty, service tax, cash advances, overdraft etc. While the minimum amount due is the amount which the user needs to pay for avoiding late fees.
However the interest will be charged on the outstanding amount after paying minimum amount due.
Any cash withdrawal from the credit card will attract interest from the same day of withdrawal at 2-3% per month.
Some banks also allow to overdraft the credit card by paying some charges.
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