Credit Card Statement

A credit card statement is a periodically issued billing document comprising all the details of your credit card and the transactions made during the billing cycle. To get your  credit card statement, you can place a request online, or visit the issuer’s physical branch and get it.

Following are the different ways to view credit card statements online.

• Get Your Credit Card Statement by Email

1. Log into your net banking account and register your email address online

2. Opt for the online credit card statement facility

3. Enter the code set for viewing your password-protected statement

• Check Your Credit Card Statement via Netbanking

1. Log into the net banking portal

2. Click on the ‘Statement’ or ‘Enquire’ options under ‘Credit Cards’

3. Download recent and previous statements

Here is the step-by-step guide to locate and download the statement through the credit card net banking:

1. Go to the bank or credit card issuing company’s credit card net banking portal

2. Log in with your credentials

3. Navigate to the credit card section

4. Select the option under the ‘Statement’ tab to view your latest credit card transaction statement 

5. Click on the ‘Download’ option to get the statement PDF

6. Go to the downloaded PDF and enter the credit card statement password to get the billing-related information

Here’s how you can switch to receiving soft copies of your statement:

1. Log into your netbanking account

2. Go to the ‘Credit Card’ section

3. Click on ‘Request e-Statement’

 

This way, you will receive a pass-protected document at the end of every billing cycle. Every time your e-statement is ready, you will receive an alert via SMS or email.

The minimum due amount is typically calculated at 5% of the total amount withdrawn from the credit card. 

 

Let’s take an example to understand how the minimum due amount is calculated. Consider that the bank generates the statement on the 25th of the month.

 

If the payment due date is the 5th of every month. Here is how the minimum due amount will be calculated for credit transactions of ₹5000, ₹2000, and ₹6000.

 

Imagine your credit card is like a small loan from the bank. Every time you buy something, it's like borrowing more money from them. The total amount you borrowed is called the "outstanding balance."

 

Now, the bank doesn't expect you to pay back everything at once. They'll let you keep making small monthly payments, which is the minimum due amount. 

 

In this example, the bank sets the minimum due amount at 5% of the total amount you borrowed (the outstanding balance). So, if you spent a total of ₹13,000 on your card, the minimum due amount would be 5% of that, which is ₹650.

 

Here's the key point: This minimum due amount is calculated based on the outstanding balance on the day the statement is generated (25th July in this case). So, any purchases you make after that date won't be considered until the next statement.

 

So, remember:

 

Pay at least the minimum due amount by the payment due date (5th August) to avoid late fees.

The remaining balance (₹12,350 in this case) will start accruing interest if you don't pay it off before the grace period ends.