In today’s world, there is hardly any individual without at least one credit card. While credit cards enhance your purchasing power, they can also lead to great debts or fraudulent activity if not used properly. A credit card statement serves as the secured way to keep a check on your card activities.
If you find it difficult to read this statement, here’s a quick guide to help you discover ‘how to get a credit card statement? and more about this statement.
Table of Contents
What is credit card statement?
The statement refers to a detailed summary of credit card activities over a specific billing cycle. It provides a clear idea of credit available, credit used, and other details of the payment done using the card. It enables you to know about the credit available and payment information. This is essential to check any fraudulent activity or unauthorized charges.
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Components of a credit card statement
Are you finding it hard to read this statement? Well, it won’t be hard to read and understand if you know the components of this statement. Let’s look into the various components example of credit card statement.
1. Name and Card Number: The first thing that you will notice in your statement is your name and card number.
2. Payment Due Date: It is the date within which you must repay the credit you have used in that billing cycle. Usually, credit cards have a grace period after the payment due date. You must repay the balance before the grace period ends to avoid extra charges/penalties.
3. Credit Card Balance Statement: In this section, you can view the credit limit, credit available for further use, and Available cash limit. Credit limit refers to the maximum lending amount using the card. Available credit limit refers to the amount obtained by subtracting used credit from the credit limit. Available cash limit refers to the amount that can be taken as credit in form of cash using the card.
4. Payment Information: In this section, you can find the details of the payment made through your card and also charges (if any charges are levied). You can check the payment date, payment details, and amount of payment here.
5. Reward History: Most cards offer reward or loyalty points that may be redeemed for specific purchases. In this section, you can check the reward points you won and used.
Important points to read in a Statement
There are certain points in the statement that you must read while viewing it.
1. Payment Activity: As exhibited in the credit card statement example, you must look through the payment information section carefully. It provides you a clear picture of the payments and charges thereby flagging any unauthorized transactions and charges.
2. Late Payment Warning: You can find the payment due date for the credit balance at the top of your card balance statement. Moreover, you can check the details of additional charges that you may have to bear in case of failure to repay the card balance in time.
3. Minimum Payment Warning: Most statements come with a minimum payment warning. You can waiver the late payment fee by paying the minimum payment amount over a specific tenure.
4. Interest Rate Change: In case of a change in interest rate, you will be notified. This change may occur due to late repayment or over-limit of credit.
5. Fees and Interest Charges: You can check the charges and interest you have to pay while using your card.
6. Reward History: When you use your card for the purchase, you receive reward points or loyalty points. You can check the reward points you have won in the billing cycle and also the reward you have used followed by the reward point balance.
How to get a credit card statement?
You can easily access the statement online or offline.
1. Credit Card Statement Online
Most banks send the cardholders their statement through email or SMS. For credit card statement download, you can go to the official website of the bank, log in using your registered ID and password and download the statement by selecting the billing cycle.
2. Offline Method
You may contact the customer helpline or nearest branch of the bank and request for statement.
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Frequently Asked Questions
1. What is credit card statement balance?
The balance refers to the summary of payment activities in a billing cycle. It also provides information such as minimum payment, payment due date, rewards, etc.
2. What is credit card statement password?
As your card is password-protected, you need to use the password to avail of the E-statement. The password usually contains the first 4 letters of your name as on the card, followed by the date and month of your birth in DDMM format.
3. How to download credit card statement?
You can download it online through the netbanking services of the bank.
- Visit the official website of the bank
- Log in with user ID and password
- Navigate to the credit card section
- Go to the statement
- Select the billing date
- Proceed by clicking on the ‘Next’ or ‘Proceed’ button
- The screen shows your statement
- Scroll down and find the ‘Save’ button. Click on it to save. Always choose the ‘As PDF’ option for downloading the statement.
- Your statement is downloaded and you can view it at your convenience.
4. How do I check my credit card statement?
You can easily check the statement either offline or online. Just login into your bank’s net banking portal and you will find a statement there. Your bank also sends an SMS to you informing the about the total amount due and the minimum amount due on your card.
5. How can I view my credit card statement online?
Just visit the official website of the bank and log in with your user ID and password. Navigating to the statement section to view it. You can also get the statement via email every month if you’ve opted for it.
Final Thoughts
Credit cards are the best financial tools when you are low on cash. While most neglect the credit card statement, it is important to read and understand this statement. It contains important information about the transactions made using the card and also keeps you updated about the payment date and credit limit to prevent penalties. Hope this article has helped you to understand how to read the statement and download it whenever you need it.
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