If you do not understand the credit card statement, then understand the complete details like this

Credit Card Statement Date and Due Date: If you use a credit card, then you will have to get its statement every month. If you do not understand the statement of your card. Then this news can prove to be of your use. Every month the transaction details on your card will come in the form of a Credit Card Statement. Many details are present in it. By seeing this, you can easily catch the error in your credit card bill.

Credit Card Billing Cycle

Credit card billing cycle is also known as statement cycle. The billing cycle starts from the day the credit card is activated. The billing cycle duration can be from 28 to 32 days.

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, interest has to be paid on the outstanding amount and late payment fee has to be paid.

Minimum Amount Due

Let us tell you that the Minimum Amount Due on your card also states, it is the percentage of the outstanding amount (about 5 percent) or the lowest amount (some 100 rupees) which has to be paid to save the late fee.

Total Outstanding

You should pay the total outstanding amount every month, so that there are no extra charges. The total amount includes all EMIs, along with charges incurred during the billing cycle.

Credit Limit

You get 3 types of limits in the credit card statement. In this, the first is the total credit limit, the second is the available credit limit and the third is the cash limit.

Transaction Details

In this section, there is complete information about how much money came in your credit card account (Transaction Details) and how much was spent.

Reward Point

In the credit card statement, you will also see its status along with the reward points accumulated so far. Let us tell you that a table will appear here in which information about the number of reward points earned from the previous cycle, points earned in the current billing cycle and points expired.

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