Credit card account statement includes all the financial transactions done during a month, starting with the first credit card payment, credit card purchases, credit card cash advances, outstanding debts, credit limits, and balance transfers. This is simply a worksheet which contain an individual's credit card transaction details for that month, and a statement reflecting the summary of those transactions. The account details are listed in the same format as the income and expenses on the regular income tax forms.
Each transaction is broken down into the respective date, transaction type, amount, date paid or settled for, charge back the date, reason for the transaction, credit card account statement due date and balance due. The statement billing cycle begins with transaction No. which is the earliest transaction recorded in the customer's credit history. Every transaction is assigned a credit number so that the same transaction can be used to make multiple credit card purchases without increasing an already high balance.
Charge Back dates are important in determining the balance owed. The last statement must show the balance due, including any subsequent charges that have been taken against the account. Charges that occur after the last statement will be reflected in the statement of account later in the year. A customer may, however, be able to adjust his or her rate or credit limit on cash advances through the same credit card company no matter how many cash advances have been previously taken out.
Balance Transfers occur when a credit card holder does not meet the credit card provider's minimum monthly payment requirements. Whenever a new balance is incurred, a new statement is issued. Depending upon the financial institution, this can occur each month or on a specified schedule. A customer will receive either a credit card bill or an electronic transaction receipt indicating that a transaction has been made. If the balance transferred occurs due to a change in the customer's financial institution, he or she will be required to sign a separate agreement. This agreement should include all details regarding the transfer and the new interest rate.
Whenever a balance transfer occurs, the new balance will appear as an unpaid loan on the statement. Interest will be charged at the current rate unless the customer makes his or her required minimum payment. If payments are made in a timely manner, the account balance will show a decrease over time. Similarly, should a customer choose to pay off an existing outstanding loan, the balance will initially be displayed as an unpaid loan but the due date will be shown as the end of the grace period.
A customer's billing cycle refers to the number of days that a customer's statement is received. A customer's billing cycle begins with the first day of the billing cycle and continues until the last day of the billing cycle. For example, a customer's statement may show a transaction from the second month of business until the third month. The due date on this account statement would be the fourth month after the transaction. A customer can also set up a special due date for payments. The balance due date will be the last day of the billing cycle for that customer.
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