Credit cards have become one of the most popular mediums to buy things on credit. Every month, on a specified date, a credit cardholder receives a credit card statement on either his/her email address or a physical copy at the home address. This document contains all the vital sources of information regarding your purchases and transaction, thereby giving you a physical proof about how you use your credit card. It will also tell you the amount you are expected to pay within a certain date. You can either pay the bill amount in full or pay a minimum due amount. You can also pay an amount that is in between the minimum amount and the total billed amount.
Today, card issuers are aggressively adopting technology to make it easier for the cardholders to manage their credit card accounts. If you need a digital duplicate copy of your credit card statement or it hasn’t come in the mail yet, you should be able to access it online with a few easy clicks. Today, almost all banks and credit card issuers offer online account access.
Your credit card comes with a few prime components and they are – Credit Card Number, You Name, Credit Card Issuing Date, Credit Card Expiry Date, and CVV. With the name you could have identified the purpose of these components but what is the meaning of CVV? The CVV number (Card Verification Value) on your debit or credit card is a 3 digit number that acts as a card security code. You should never share any of the credentials with anyone.
How to Get Credit Card Statement Online
Banks usually send the hard and soft copies of the credit card statement to their cardholder’s registered email ID or at their physical address on the same date of every month, which is known as the billing date. You can also access your credit card statement online by logging into your Net banking account and download or view the statement from the credit card sections. Banks also notify their credit cardholders about the total amount due and the minimum due amount on their credit card via SMS.
Today, almost all banks are having their dedicated mobile app through which you can manage your account. You can also use the app to access your credit card and pay the bills at your convenience. Accessing and paying the bill through the app is quick, simple, and convenient.
How to Understand Your Credit Card Statement
Any credit cardholder should have a clear understanding of the terminologies used in credit card statements to make better financial decisions. Let’s talk about a few of the most common terminologies used in the credit card statement.
Payment Due Date
In simple words, the payment due date is the date before which a credit cardholder has to make the payment against the bill amount generated. Failing to do so will attract penalty charges and would also negatively affect the credit score.
Minimum Amount Due
It is the minimum value of the amount that a credit cardholder needs to pay before the payment due date.
Total Due Amount
It is the total value of the billed amount that a credit cardholder owes to the card issuer.
Transaction Summary gives you a detailed insight into your transactions and the nature of spending over a given period.
Credit Limit is the pre-approved amount offered to you by your credit card issuer.
Available Credit Limit
The available credit limit is the total balance amount remaining on your credit card in the given billing cycle.
Available Cash Limit
It is the cash limit that a credit cardholder can withdraw from an ATM in the current statement cycle through his/her credit card.
Hope this blog has been a detailed journey to help you decode the terms related to your credit card statement. This would not only help you have a clear insight into your credit card statement but you’ll also be able to highlight any error in your credit card statement. Visit Finserv MARKETS if you’re looking for a credit card that best suits your lifestyle needs.