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Whether you are new to the world of
credit cards,
or a seasoned veteran, understanding the
information in your credit card
statement can be confusing. There is a lot of
information packed onto a single page, and if
you’ve never taken the time to review your
statement in detail, it may be a good idea for you
to do so. That way you are more likely to notice
if there are any abnormalities with a statement
that might indicate identity theft
or merchant errors.
The
statement should display your account number
prominently. This is the number that uniquely
identifies you to the credit card company. When
purchases are made using your credit card, they
are all attached to this account number and
charged to you. If you need to call customer
service for any reason, you will be asked to
provide the account number.
If
you’ve ever used one of your credit cards and had
difficulty making an online purchase or a purchase
over the phone because the merchant says your name
doesn’t match, it’s probably because you have used
a middle initial on your card but not in the
checkout process, or vice versa. On your statement
you can view your name as it is saved in relation
to your credit card account. Jane L. Doe is
different from Jane Doe or Jane Lee Doe, so it’s
important to note how your account is set up.
The
statement date displayed on the credit card
statement shows you all transactions that took
place between the last statement date and the
current one. The payment due date is the date
which your credit card company should receive
payment in order to avoid late fees and additional
finance charges.
While some companies allow you to postmark your
payment on the due date, most want to receive it
by the due date, so plan accordingly.
The
credit line
shows you how much money the credit card company
will allow you to charge on their card at one
time. You can charge multiple transactions, but
the total amount owed must not go over this
amount. If you do manage to spend more than your
credit line, you will pay over-the-limit fees. The
credit available displays how much of your credit
line you still have available to spend.
The
new balance
information displays how much you have charged and
have not yet paid back. If you pay the entire
amount in this column, you will not be charged
interest. The minimum amount due is the amount of
money that you are required to send by the due
date.
The
transaction list is a detailed listing of
everything that has occurred with your account
since the last statement. It will detail
purchases, returns and refunds, and interest
charged to the account. If there is anything you
don’t remember buying, contact the company listed
in the transaction listing or call your credit
card account immediately.
There is also a section that shows how your
current balance was calculated. It shows
purchases, finance charges, interest, your last
payment information, and then the total balance of
the card is shown again in this section as well as
the minimum amount you must pay that month to stay
current with your payments. You should always try
to send more than the minimum, if not the entire
balance, each month to avoid finance charges, and
interest. The finance charge summary section will
show you how interest and finance charges are
applied to any balance that remains on your card
from one month to the next.
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