A credit card monthly statement is simply a statement of your account transactions over the past month to the credit card company. It contains all details such as date, transaction cost, charge amount, date debited and available credit, any minimum balance due and if any credit is available. All this information can be obtained from the credit card company's annual report. If you have trouble obtaining the report, you can call the company or write to them and request for a copy of it. However, before discussing the details of your statements you should also be aware of the consequences of making errors in it.
The most common mistake made by people is that they tend to compare their monthly credit card statement with the previous months statements. This is very dangerous because the gap always remains between the end of one billing cycle and the beginning of the next one. And, if you ignore the fact that your bills are already due in the next billing cycle then there is no way your account can be settled before the due date.
What you need to do is to get a note pad and make a list of all your credit card monthly statements. Now on this list, you can write all the details, for instance the due date, the balance due, the minimum payment, the maximum credit card limit that is being used and whether the billing cycle is monthly weekly or twice a month. You can also make a note of the transaction ID and attach it to the relevant statement. However, the transaction ID should not be the same as for the account number. For example, you might have given the merchant account number as the transaction ID but actually you had made up a different account number.
Another mistake is that people also tend to compare the credit card statement with the statement of the previous month which shows the transactions made. These two statements are different and hence cannot be compared. If there are any changes made in the balance transfers or cashbacks then it will be reflected in the statement. Also, it is not considered to be a transfer unless the cashback amount is mentioned in the statement. And, when you check your statement you will see that the number of transactions made has increased and so has the cashback amount.
Finally, there is another common mistake among people. They do not check the credit limit on their cards at the time of making the payment. Usually the customer is able to check their credit limit only after the payment has been made. If this is not done then the user will have an increase in his credit limit. It is better to check the credit limit before making the payment. This will avoid any error in the monthly statement and you will not end up paying more for the balance transfers or cashbacks.
These are some mistakes that can be avoided. Try to check these three points before you make your credit card billing statement. You should also keep a track of all the recent transactions that have been made. If you are not able to do that, just write it down and keep it with your wallet. Whenever you feel that something is wrong with the statement take a printout of the same. Then you can compare it with the latest statement of the bank and then determine what has happened.
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