Be sure to check these seven things in the credit card statement, you will never suffer a loss

Credit Card Statement: If you use a credit card. Then do not ignore these seven things of the credit card statement at all. Otherwise, there may be a loss.

Credit Card Statement: The way everything has changed. In this way, the way people spend has also changed. Earlier people used to stop spending when the money was spent. But now they use credit cards. People have also got a lot of convenience with the advent of credit cards. If someone wants to buy something. But does not have enough money to buy it. So he can easily buy any item with a credit card on EMI.

By the year 2024, there are more than 101 million i.e. 10 crore users of credit cards in India. Caution has to be taken regarding the use of credit card. If you do not know how to use it properly, then you can also suffer a lot of loss. Credit card bill is generated every month. Which you have to pay within the limit of 30 days. Otherwise, you will be charged a penalty. Today we will tell you 7 things in the credit card statement that you should pay special attention to.

Billing and payment date

When you see the credit card statement, first of all you should see the billing date and payment date. Generally, there is a time of 20 to 30 days between the billing date and the payment date. During this time, you do not have to pay an extra charge for paying the bill. If you do not have money to pay the entire bill on the due date of the bill, then you can make the minimum payment. Manage your expenses accordingly so that you get more time to make the payment.

If you miss any payment, then you will have to pay a late fee. Along with this, interest will have to be paid. Missing a payment also affects your credit score a lot. For this, you should use the auto-debit feature with your credit card.

Due amount

The amount due in the credit card statement is the expenses made during the billing cycle. Which has to be paid before the due date. There are some interest charges on it. So some fees are also included. If you use more of the credit limit.

So it affects your credit score. You get 10 to 15 days for repayment. If your bill is generated around the date of the 1st month. Then you get up to 45 days. To pay any payment.

Minimum amount due

In the credit card statement, along with the total amount due, you also see the minimum amount due. After the credit card bill is generated, if you have spent too much. You do not have enough money to pay. Then you can pay a minimum amount due. However, if you pay the minimum amount instead of paying the entire bill.

So your credit card remains active. But the outstanding balance goes into the next month's billing cycle. And interest is also charged on it. Generally, the interest on credit cards is high. That is why it is better that you pay the entire bill on time.

Interest rate and finance charge

According to BankBazaar's AGM Ravi Kumar Diwakar, you should know about the interest rate and finance charges beforehand. When you take money for any work through a credit card, then you have to pay interest on it. This is also called Annual Percentage Rate (APR). When you do not pay your entire outstanding bill on the due date and pay the minimum payment, then finance charge is applied on the outstanding amount, which is visible to you in the credit card statement. If you take care of these things, then you will not have to pay unnecessary interest.

Other charges

The credit card statement contains information about many types of fees and charges. Such as annual fee, late payment fee, cash advance fee and over limit fee. These fees are applicable according to the way you have used your credit card. Check all these things carefully in the credit card statement. If you feel that any extra charge has been levied, then immediately talk to the bank or company that issued your credit card about this.

Transaction record

The most important part of the credit card statement is the transaction record. In this, you know which transaction you did, when and for what. All this information is there. If you feel that you did not do any transaction, if something seems wrong, then you can complain about this to your credit card company or bank. Nowadays a lot of frauds are also being done on credit cards, so it is better that you check the transaction record.

Reward points

When you do any transaction on the credit card, you are given reward points. As these credit points get accumulated, their expiry date also starts. You can see about them in the card statement. Many credit cards give you good offers and good deals in exchange for reward points. If you check the reward points in your statement and use them before they expire, you can get good benefits.