How To Check Credit Card Statements Online?

A credit card statement is a key financial record that offers important details regarding a person’s credit card. It is released once each month and includes information on all transactions done with the card as well as any funds credited to it. Due to the fact that they contain details on every single purchase you have done, credit card statements tend to be long. In order to maintain track of how you are using your credit card, it is important to review all the information shown on the statement.

What do the different terms in a credit card statement mean?

There are several terms that are used in a credit card statement, each of which signifies a different concept. Let us discuss some of the major components of a credit card statement:

Payment Due Date: In the event that you have a balance due, you will be expected to make monthly payments in order to settle the account. Every payment made in this respect must be completed by a specific deadline that is established in advance by the credit card provider.

Minimum Due: If you are unable to pay the entire balance due on your credit card, you must pay the minimum amount to the credit card company. In order to prevent the issuer from charging a late payment fee, this must be paid. Typically, 5% of the entire outstanding debt is the minimum amount payable.

Credit Limit: Simply put, a credit limit is a maximum sum you are permitted to borrow with a credit card. Based on important information supplied to them at the time of credit card application, credit card firms set a predetermined credit limit. Your credit limit is decreased by the amount of each purchase you make, and it is raised after several timely payments.