Many details are present in the statement
Many details are available in the credit card statement. Through this statement, customers can keep an eye on any kind of disturbances in their credit card bills. You can also detect suspicious transactions by reading the credit card statement.
Can control expensesBy reading these statements carefully, we can understand our expenses better and we can organize our expenses. Along with this, you can also keep the information of your credit card score so that you avoid taking additional debt and do not create a high credit score.
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Understand credit card statements like this …
Payment due date This is the last date for payment of credit card bill. There are two types of charges on payments made after this date. First, you have to pay interest on the outstanding amount and have to pay late payment fees.
Minimum Amount Due- This is the percentage of the outstanding amount (about 5 percent) or the lowest amount (a few hundred rupees) that has to be paid to save late fees.
Total Outstanding You should pay the total amount due every month, so that there is no additional charge. The total amount includes all EMIs, along with the charges on the billing cycle.
Grace period A grace period of 3 days is given after the payment due date is over. Late payment penalty is levied for non-payment after grace period.
Credit limit- In the credit card statement, you will get three types of limit, total credit limit, available credit limit and cash limit.
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Transaction Details In this section, there is complete information about how much money came in your credit card account and how much was spent.
Reward Point Balance You will also see the status of the credit card statement along with the reward points submitted till now. Here you will see a table showing the number of reward points from the previous cycle, the points earned in the current billing cycle, and the finished points.