Your credit card statement is a detailed list of all the transactions performed by that card on your credit account. It also contains several important details, fees, and other information about the particular card in use. Card issuers are legally required to issue and send you a monthly card statement at least 21 days before its minimum payment due date.
The details listed in your card’s statement can be divided into three categories, account summary, payment information, and other details. Let’s take a look at how to understand the monthly statement of your feature-rich credit card.
How to read the monthly statement?
There are a few things you should check upon receiving your credit card statement. These are the following –
- Available balance.
- Minimum and total due payment.
- Due date of payment.
- Any applicable late fees.
- Account summary.
- Breakdown of the account balance as well as interest charges.
- Available credit.
- Accumulated and redeemed reward points.
Monthly statements usually include a minimum payment disclosure which shows how long it will take to pay off its due if you make only minimum payments. You will also keep receiving your card’s statement until you pay off its entire due amount.
The most important thing you should check after receiving your card’s statement is to check the total and minimum amount due. You will have to repay this particular amount to the lender for that billing cycle.
You should also go through date wise transactions carefully to check if there is any discrepancy or not. Any unauthorised transaction may indicate potential information theft where someone else has used your credit account on your behalf. You should contact the financial institution whenever you find any error.
Credit card statements usually list the total credit limit, available credit limit, and the cash limit of that card. You should check the total and available credit limit upon receiving your card’s monthly statement; these represent the amount you can borrow and the unutilised sum from the previous billing cycle. It will reset at the end of every billing cycle.
The cash limit represents how much cash can you withdraw from ATMs using your credit card. Certain financial institutions, like Bajaj Finserv, allows customers to withdraw cash from ATMs against a nominal processing fee. Moreover, the amount withdrawn is interest-free for up to 50 days, which allows an individual to meet their emergency cash requirement using a credit card.
They also offer pre-approved offers on credit cards as well as on several other unsecured advances like personal loan, business loan, secured advances like home loans, etc. These offers make the process of availing a loan hassle-free and time-saving. You can check your pre-approved offer by sharing only your name and phone number online.
How to generate your credit card statement?
You can opt to receive your credit card statement online or via post. Most financial institutions, including NBFCs like Bajaj Finserv, offer this facility to aid their customers. Let’s take a look at how to get the monthly statement of your RBL Bank SuperCard.
- You can check or download your e-statement from your net-banking account. You will have to sign-up with the 16-digit card number, post which you will be able to view the statement at your discretion.
- You can also set an automated emailing system where the financial institution will send a copy of the statement to your registered email address every month as it is generated.
- The RBL MyCard App allows you to directly access your credit account and check the statement without using any other device. You can also log into Customer Portal Experia by entering the card’s details and check your credit card statement.
- You can opt to receive the monthly statement to your registered address via post. You will have to reach the customer care of the financial institution, and they will process the request after verifying some essential details.
These are the methods how you can receive your credit card’s monthly statement and understand its various details. It can help you maintain your budget and maintain a timely repayment schedule.