Nowadays most people have started using Credit Card. Almost all banks have issued their own credit cards. There are many types of credit cards.
Their biggest advantage is that even if you do not have ready money, you can still make purchases through these cards and pay the bill later. The spending limit on different credit cards is also different. There are many credit cards of some banks, on which customers also get many special features. Apart from this, some e-commerce websites offer special discounts on purchases made through credit cards. Nowadays, having a credit card has become a status symbol for middle class people.
Just as the statement of your bank account comes, similarly the statement of credit card also comes. Information about payments made, purchases, credit balance, reward points, etc. is given. Credit card statement comes every month. It is generated at the end of the credit card billing cycle. However, no statement can be issued for the period in which there are no transactions or arrears.
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Many types of information are kept in the credit card statement. Through this statement, the customer can catch any kind of disturbance in his credit card bill. Apart from this, any suspicious transactions can also be detected by credit card statements.
Credit card statements can be used to understand and organize your expenses properly. It also provides information on credit card score. Once this score is detected, the customer can stay alert and avoid taking extra credit, so that the credit score will not be high.
It is easy to know from the credit card statement what is the last date of payment of the bill. There are two types of charges on payments made after this date. In this, interest has to be paid on the outstanding balance and late payment fees have to be paid.
The minimum due amount in a credit card is about 5 percent of the total outstanding balance, which has to be paid to save late fees. Those who hold a credit card should pay the total amount owed. There is no extra charge. The total amount includes all EMIs. A grace period of 3 days is given after the end of the payment due date in the credit card. Late payment penalty is imposed for non-payment even after this grace period. There will be 3 types of limits in the credit card statement. Total Credit Limit, Available Credit Limit and Cash Limit.
In the transaction section of the credit card statement, information about the money and expenses incurred in the credit card is given. The status of the Reward Points deposited in this statement is also visible. A table will show the number of previous reward points and the number of reward points achieved in present billing. Depending on this, further purchases can be made.
