Every credit card statement consists of many different sections, and each has different requirements. Your statement contains a detailed account of every charge that you have made. Your statement includes a summary of each credit card payment you have made and how much debt you are left with at the end of the month. Here’s a look at this information.
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A. Your statement will show the date on which you received the first credit card statement, the billing cycle that you are in, and the balance you owe at the end of the billing cycle. Each charge is labeled as such on your statement. The name of the creditor, the account number, the credit card issuer, and the applicable interest rate will be listed in order on your statement.
B. In your credit card statement example, note what the balance owed appears to be on the left-hand axis. This balance is your outstanding balance as at the close of the billing cycle. Any payments that were made on time and any balance transfers that you have made are shown as red ink on the right-hand axis.
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C. The next section of your credit card statement example will show what the new balance is at the end of the billing cycle. The new balance is the excess of the outstanding balance at the end of the previous month. For example, if you had made a balance transfer last month and now you are charged a balance for three months that is equal to the amount of the previous balance, the new total dollar amount is zero dollars.
D. Finally, note the new balance for the credit card statement example. This is the amount of the reward that you are paid back each month, including any rebates. Note that you may also choose to receive interest-free or low-interest periodicals for your credit card rewards. You may also transfer your balance between many reward programs. If you make multiple purchases during the introductory period, you will get the largest cash bonus.
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E. As part of the introductory phase, many credit card statements will show a one-time payment or a one-time purchase alert. This reminder is an important reminder that you will be paying interest on the balance transferred. You will also see a balance transfer fee that is charged when you make a new or a transferred balance payment. Be sure to pay off these fees as soon as possible.
F. Be careful not to make too many balance transfers. This can result in a large cash advance and you will incur a higher interest rate. Also be aware of the maximum amount of cash advances that a credit card company will charge. Most companies charge a flat rate on cash advances, which may vary according to the billing cycle you choose. So be careful not to exceed this limit.
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G. Be careful about using your credit card to pay for your regular expenses such as food, gasoline, clothes, or household bills. These expenses do not have to be charged to the new credit card balance. If you have an emergency that requires fast cash, call your bank and tell them that you need to make a purchase immediately, and that you will be making the payment directly with your bank.
H. Be careful about the type of account summary that the credit card issuer provides to you. The account summary may contain inaccurate or incomplete information. If this occurs to you, contact your credit card issuer immediately so that they can correct any inaccuracies.
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I. Be wary of accepting an automatic electronic, or Internet-based credit card payment when you make your payments. Some lenders automatically issue a check to the customer, even if the customer does not qualify for a grace period. Be sure to call the customer’s bank or pay the bill directly to avoid these late payment coupons.
J. Be cautious about accepting any offers to reduce your credit card payments. These offers are often unsolicited and don’t provide any kind of benefit other than an opportunity to earn a commission. If the offer is for an extended payment period, you should check with the credit card issuer. You should also call the customer’s bank or pay the bill directly to avoid these late payment coupons. As you can see from the Credit Card Statement Example, there are several things to keep in mind when you create credit card statements online.
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