A credit card statement is simply a statement of how you have used your credit card over a billing cycle. If you have ever read credit card statements, especially credit card statements for charge cards, you understand how difficult they are to read. Credit card bills are full of numbers, fees and other terms and rates that play a major role in the overall calculation of your outstanding credit card debt.
There are two main types of statements and these are the annual summary and the statement of account. The most common type is the annual summary. These statements contain the basic information on credit card accounts. You will find this type of credit card statement at the beginning of each billing cycle. However, the summary statement does not include any fees and charges listed in the terms and conditions.
Your statement of account is the more detailed type of statement. Here you will find the information that is not related to amounts or balances but which influence your overall credit card payments. For example, if you have a balance due but no late fees, then the statement of account will not list these items. However, the summary statement will list them. The summary statement also does not include any security features available to you such as minimum daily or nightly access to your account.
One way to help you better understand your credit card statement and the various ways to read it is to look at a paperless billing system. This type of billing program has been adopted by many financial institutions including banks and credit card companies. This new generation of electronic billing eliminates the need for hard copies of all your bills. Instead you can view your bill using an online service or a paperless billing program such as Quicken Premier, Microsoft Money, or PC Office Online.
You can learn how to read your credit card statement by looking up your most recent balance with the statement to see what you owe on the balance and how much time (in days) you have until you are charged a default fee. If you are behind the credit line but still owe money then the statement will list your most recent balance and the amount of time left before the next payment due date. The time left is usually in days. The amount of time is usually in months. If the loan or charge off is a few months old then your statement will only list the date of the last transaction (the charge off).
The last four digits on your statement are called the account number. Your account number is also referred to as the debit card number or the merchant account number. This is the same thing that is used when you use your credit card to make a purchase. For example, this would be “0006”. The account number for your financial institution or bank is not your account number but is simply called account information. To learn more about this type of account information go to the internet and do a search for it.
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Making of a Millionaire How to Read Your Credit Card Statement – credit card statement | credit card statement
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