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There is never a right time to look at your personal or family budget. The ongoing economic uncertainty makes it essential to review your expenditure a least once in a month. You may be in any situation like working from home, working only three days in a week, presently laid off, or no job. You, as well as your family, can benefit from analysing the spending habits.
By discussing whether to continue with the same spending habits or not will help you keep your credit under control. A credit card statement can help you by offering insights into how and where you spend money, and whether you should make any changes. If you know what is there in the card statement and how to view it, you can check your expenses and save enough to pay the dues on time.
A financial document, a card statement includes the most important details of a cardholder’s credit card transactions. It is provided by a bank or financial institution every month through hard or soft copies sent by courier or an email to your address. Customers today prefer mostly an online credit card statement, for it enables them to receive and view it immediately.
With details of every transaction made on different dates in a month, a credit statement generally looks lengthy. To know how you are making use of your credit card, you should go through all the information provided in the credit card statement. Here are the details that a credit card statement will have, and the ones you should pay close attention to.
This includes the name and residential address of the cardholder and email address.
You can find the statement date, which is the date when the statement is generated. Most banks generate it on the 15th or 20th of every month. A credit card statement will also have a ‘payment due date’. This detail is very important, for you need to pay the amount outstanding or the minimum amount due before this date to save you from late fees.
A major part of the information in a card statement is the transaction details for a month i.e., from 16th of June to 15th of July 2021. Every transaction will have the date, time, merchant’s name, and amount for which the transaction was made. The payments if you have made in between and any refunds will be shown in the credit column of the statement.
In case you observe any transaction to be doubtful, you can clarify it immediately with your bank. You will also find the charges like finance charges, late fees and tax, which you need to check to avoid them in future.
The total dues shown will include the past and current dues and the minimum amount to pay. The past dues include over-limit charges.
Your card statement will also show your total credit limit and available credit limit. You can also view your available cash limit, the maximum amount of money you can withdraw from an ATM.
The summary of reward points is the other important component in the statement. It shows the opening balance, earned and adjusted points and closing balance of reward points.
Any offers tailored for you will also be shown in a credit card statement.
This section includes the terms and conditions and any changes therein with regard to the cardholder agreement. Various repayment options will also be given for your convenience, as well as the contact numbers to report any fraudulent activities or loss of the card.
If you want to find more information about the IDFC FIRST Bank Credit Card, you can click here.
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