Credit Card Statements

  Credit Card Statements

Credit card statements are a necessary evil. No one wants to receive them. But, alas we have no choice. However, they are a very neat way of summarising the way you use your credit card each month.

Your credit card statement is sent to you each month and informs you of your transactions from the previous month.

When you receive your credit card statement ensure that your name, address and account number are correct. Always check (you will be surprised how many people don’t) the transactions to see that they all relate to goods and services purchased by you. Remember to keep your receipts and cross check the amounts. Also check your credit limit against your outstanding balance to ensure that you are not overspending as going over your credit limit without prior authorisation will result in financial penalties. Note too when the date the payment is due as failure to make even the minimum payment due will render you liable to a late payment fee. Always check the number of days you should allow for your payment to reach your credit card issuer by the due date as there is different periods depending on whether you pay at a bank, by phone, by post or by internet. Your credit card statement will also tell you how much of your minimum payment due will comprise of interest. A couple of other points to bear in mind keep a note of the telephone numbers to contact should you lose or have your credit card stolen and should you require to change your PIN.

Should you change your name, address, telephone number, bank or branch, notify your credit card issuer so that your details can be updated. Your credit card statement will also provide details of charges such as when making cash withdrawals or balance transfers.

Finally, always check your statement for the date when a promotional rate such as 0% APR credit card deal ends. That way you can begin to search for another credit card with a promotional rate. If your are unable to secure another 0% APR credit card deal or at least a lower APR than the standard rate, ensure you have sufficient funds in your bank to meet the increased payment from the following month.

Return to our credit card information section, or return to the homepage.