No one like bills. And because of this most of the people does not read there credit card statements. When ever a statements come we simple see the total outstanding written on it and think that this is the only relevant thing for us in the whole statement.
But this is not the correct way. There are other things as well that need to be noticed in a credit card statement. Here are some important terms that can help you in understanding your credit card statement in a better way.
1) Current balance (the amount you owe).
2) Payment due date (critical information that can vary by a few days each month).
3) Minimum payment amount (the smallest amount you can pay to avoid late fees).
4) Total credit limit.
5) Available credit limit (the difference between your total credit limit and the amount you currently owe)
Transactions Charges and Credits: This includes purchases, cash advances, and credits from returned purchases, fees, interest charges and payments.
Reward Points: When ever we do any transaction through our credit card we earn some reward points. With these reward points we can do further shopping that can be done either online or we can ask for a gift voucher. This activity is known as redeeming your reward points.
Credit card statement: When ever you receive your credit card bill, always check the payment due date firstly. You should also check your available balance on credit cards, to make sure that you are not too close to your credit limit.
Cross Checking: Always keep your charge slips with yourself for cross checking. When every your statement arrives you should check the transactions against each amount with the help of your charge slip.
Resolve your query: – If there is a problem in your credit card statement, you should immediately contact customer service number of your bank for an explanation. The longer you will wait, the harder it will be to fix a problem.
For smooth track record and for a good cibil score, always keep these things in mind.
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