How to read your credit card statement
Understanding a credit card statement is a crucial part of managing your credit card and budget. As a detailed summary of your purchases and payments, reviewing your monthly credit card statement allows you to evaluate your spending habits and stay on top of your finances.
Here is a quick guide to understanding your credit card statement:
Account information
This section contains basic information about your account, such as your name and mailing address, account number and the dates of the billing cycle. When you receive your first statement, make sure you review this section properly to ensure that all the necessary details are correct, such as the spelling of your name.
Account summary
This section gives you a summary of your account, which includes your payment due date, current balance, the amount of credit you have, as well as the fees or interest that you’ve been charged since the previous statement and the time period your statement covers.
Purchases
This section will include a detailed summary of the purchases you made during the billing cycle. Transactions will be listed chronologically and will include details, such as the amount of the purchase and the name of the place you made the purchase from.
It’s important to review this information to make sure that a) your card hasn’t been used to make unauthorised purchases/payments, b) you understand where your money is going to, and c) that there aren’t billing errors.
Payment information
This section shows your outstanding balance, payment due date, as well as the minimum payment required to avoid late fees. Take note of this to ensure you pay the right amount in a timely manner.
Fine print
This section will include information such as how to contact the bank about your account, your rights as a card holder, notice of changes to the interest rates, as well as other legal information.
Always make sure that you read your statement in its entirety to ensure that you stay on top of your spending habits and are aware of any potential changes, so you can effectively manage your finances and make the most of your money.
Remember, you can easily view your statement, as well as your previous statements on our Banking App.
Disclaimer: This article is for information purposes only and does not constitute financial, tax or investment advice. Readers are strongly encouraged to seek financial or legal advice before making any decisions based on the content.
Standard Bank, its subsidiaries or holding company, any subsidiary of the holding company and all of its subsidiaries, make no warranties or representations (implied or expressed) as to the accuracy, completeness, or suitability of the content of this article. The use of the article and any reliance on the content is at the reader’s risk.
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