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How to Read Your Credit Card Statement

Posted on 2023-04-13 15:12:17 by iNF
Personal Finance Credit Card Statement Credit Card Personal Finance Finance Debt
How to Read Your Credit Card Statement

Credit card statements can be overwhelming, but they contain a lot of information that is helpful in managing your finances. By understanding how to read your credit card statement, you can stay on top of your spending and avoid costly mistakes.

Statement Date

The statement date is the date in which your statement reflects your account activity, like purchases, payments, and outstanding balances. Be sure to review your statement date to avoid making payments after the due date.

Account Summary

The account summary section provides an overview of your account activity, including your balance, credit limit, available credit, and minimum payment due. Make sure to review this section carefully to ensure that your account is in good standing.

Transactions

The transactions section contains a list of all of the purchases, payments, and other transactions made on your credit card. Check this section to ensure that all of the purchases listed are accurate and that you authorized them.

Interest Charges

Interest charges are fees charged for borrowing money from your credit card issuer. They are calculated based on your outstanding balance and the interest rate of your card. Reviewing this section can help you identify any errors or discrepancies.

Fees and Charges

Fees and charges are additional charges on top of interest rates such as annual fees, late fees, overdraft fees and transaction fees. Be sure to review this section to ensure that you are not being charged any unauthorized fees.

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