Know the details of the statement if you use a credit card!

    If you are using a credit card, then you should have complete knowledge of the credit card, otherwise you may have to pay more money. Actually, you get the credit card statement at the end of every payment period of the credit card. It contains the details of your transactions during the specified period. If you do not know much about credit cards, then you may be a little confused in this statement. Before making credit card bill payment, you should be aware of non-essential charges, due dates etc.

    Keep track of your statement date

    On this day you get the credit card statement. If you do not pay the bill within the stipulated time, then you will have to pay interest on the savings amount. This interest is calculated from the date of the statement.

    don’t miss the stipulated time

    Those using the credit card should not miss the payment period. If you are paying by cheque, it may take 2-3 days. Therefore, issue the check about a week before the due period. Otherwise you may have to pay more.

    Billing cycle

    The period between two statement dates is called the billing cycle. Usually it is 30 days. The date of your credit card transaction is given in the statement. Also, interest, pay
    Penalty or late payment charges are also given. It also contains information about any decline payment.

    Grace period

    As per RBI rules, if the payment is not received within three days from the date of payment, banks can charge a late fee. If the payment is not made within the grace period, then the interest is charged more.

    Total amount payable

    This is the entire amount paid in one billing cycle. This includes interest, late payment fee, service charge, annual fee and other fees.

    Minimum Amount Due

    It mentions the minimum amount to be deposited by the due date. It is a fixed part of the total amount payable. If you do not deposit this amount, then you may have to pay a late fee. But, on depositing only the minimum amount, you have to pay interest on the remaining amount. Therefore, if possible, deposit the entire amount in one go.

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