7 best things to know about your credit card billing statement. Always keeping track of credit card activities can be a tedious task. But the work is not only on you because each month you will receive your billing statement with all the information that you need to know on your credit card account.
Credit Cards billing statement is important and it’s best things to maintain your credit card account in good standing and making sure that you pay off charges made to your account. Read through the credit statement sent to you every month so that you will be acquainted with the happenings with your credit card account.
What is Credit Card Billing Statement?
The first best thing to know about your Credit card billing statement is that it is a periodic statement that shows all the purchases, payments, and every other debits and credits transaction made to your credit card account within the billing cycle. The credit card issuers send in your billing statement once a month.
Although your credit card statement may be long, package with lots of information, it is necessary that you read through it thoroughly. At least try and review your balance, minimum payment, and a list of transactions made to your account.
Contents of theCredit Card Billing Statement
The billing statement enlist everything one needs to be aware about its credit card account and some of this information includes:
- Your balance from the previous billing cycle, the minimum payment due, that is what you should pay next, payment due date, a late fee that will be charged if you pay late.
- A summary and detailed list of previous transactions made to your accounts such as credits, purchase, balance transfers, cash advances, fees, interest, and other debts.
- Your credit limit and available credit, the number of days in your billing cycle, the total amount of interest and fees paid year to date, contact information for your credit card issuer, rewards earned or redeemed if any applicable.
- A total analysis of types of balances on your account and the interest rate and interest charges for each.
However, it may also include your late payment warnings that inform you about the impact of sending your payment late. Sometimes late payment or penalty rate increases. It may also include a minimum payment disclosure, showing in detail the amount of time it will take to pay off the balance. If it was only the minimum payment you made and the total that’s to be paid later. And information on the monthly payment necessary to pay off the balance in three years ahead.
Can you get a statement if your card is closed?
The answer is yes until your closed credit card account balance is paid off. When your account is closed, you must continue to be making regular monthly payments. And you may be still be charged interest and fees rates on your outstanding balance. However, there will be no additional charges made on your account. Therefore, you must keep checking your billing statement, even though the account is closed. Check if your transactions are accurate and that your payments are applied correctly.
When Does your Billing statement Arrive?
The billing statement is mailed to you at the end of each billing cycle. This is done by your credit card issuers. By law, the credit card billing statement should be sent the latest 21 days before the due date. To ensure prompt credit card payment and avoid finance charges if a grace period applies to your balance.
Meanwhile, if you sign up for paperless billing, that is viewing your credit card statement online. First, you will receive an email informing you about the paperless statement being available for view online. The paperless statement is simply electronic versions of your mailed statement. To see your paperless statement, log on to your credit card account online and use the link to access your statement.
What to do when an error Occurs on your billing statement?
If you spot any error in your billing statement, you have the right to dispute it with the credit card issuers. But it should be done within 60 days. Then, Put a phone call through to your credit card issuers.
Not All transactions are listed on your billing statement
Your billing statement includes all your account activities. Therefore, transactions made before and after your billing cycle won’t show on your billing statement. However, Log in to your online account to see a detailed analyzed list of all your transactions.
Credit Card Billing statement, what if I don’t receive it?
What happens if you do not receive a billing statement?. if you are a new client, your account will be zero. Because there wasn’t any activity on your account within the previous billing cycle. Also, if you have changed your address. And you haven’t submitted the recent address to your credit card issuers. If you are a new credit cardholder, it takes several weeks to receive your first statement depending on your first transactions posts to your account. Call your issuer if you don’t receive a billing statement for any particular.