Credit Card Statement

What is a Credit Card Statement?

A credit card statement is a periodically issued billing document It comprises a list of all the payments, purchases, credit and debit card transactions made with or applied to the card. 

The credit card statement contains the details of the cardholder, such as the total outstanding amount, the billing cycle, the due date, and the card's credit limit. It also mentions details like the transactions made, the amount you have spent, the merchant name, time, and the date of transaction. Hence, it is important that you carefully review all the information on the credit card statement, as it can help in tracking credit card usage.

How to Check Your Credit Card Statement

Following are discussed different ways to view credit card statements online:

1. Get Your Credit Card Statement on Email

After registering your email ID with the credit card issuing company, you can opt for an online credit card statement facility. Then, you will be able to receive a credit card bill statement via email on the billing date from your credit card issuing company. The bank will send you the document in the form of a  PDF file which will be password-protected. Thus, you can view the credit card statement online by downloading it and entering the PDF password.

2. Check Your Credit Card Statement via Netbanking

• Step 1: Visit the credit card issuing company’s netbanking portal and log in with your credentials.

• Step 2: Navigate to the credit card section.

• Step 3: You should be able to see the latest credit card transaction statement under the tab ‘Statement’.

• Step 4: Download the CC statement PDF.

• Step 5: Provide the CC statement password to get the billing-related information.

How to Switch to Credit Card e-Statement

To switch to credit card e-statement, you simply need to login to the credit card netbanking portal, go to the ‘Credit Card’ section and click on the ‘Request e-statement’. The bank will then send an SMS and email alert at the end of the billing period with your latest credit card statement PDF and password.

Understanding a Credit Card Statement

As a cardholder, it is crucial for you to read through your credit card statement. However, many individuals find it difficult to comprehend the various terms and sections of their card statement. Here’s something to help you get a better understanding of the different terms used in a credit card statement. 

• Billing Cycle 

The billing cycle represents the period for which the credit card statement has been generated. Depending on the month, the length of the billing cycle can vary from 27 to 31 days.

• Payment Due Date 

The payment due date is the last date by which you would have to pay either the total amount outstanding against your card or the minimum amount due. Failing to pay either of these two amounts by this date will lead to the bank levying a penalty in the form of a late fee.  

• Total Dues or Current Outstanding Balance

The total due is the amount that you would have to pay to the card issuer on or before the payment due date. This amount includes the previous month’s unpaid outstanding amounts as well as the current month’s usage. 

• Minimum Amount Due

The minimum amount due is the minimum amount that you will have to pay on or before the payment due date to keep the card active and to avoid late payment fees. The minimum due amount is usually a percentage, around 5%, of the current outstanding balance. Paying only the minimum amount, will cause you to lose the interest-free period. The remaining unpaid outstanding amount will start to accrue interest till the day you clear off all your dues. 

• Credit Limit 

The credit limit is the maximum amount of money that you can borrow using the credit card. Card issuers take a host of different factors into consideration before granting a credit limit for your card. 

• Transaction History 

This section of the credit card statement contains all the information related to the transactions that you’ve made during the billing cycle. It includes both debit and credit transactions. 

• Rewards 

The rewards section of the credit card statement contains information relating to the number of reward points at the start of the billing cycle, points accumulated during the billing cycle, reward points redeemed during the billing cycle and points at the end of the cycle. 

Components of a Credit Card Statement

It is quite possible to get baffled when viewing a credit card statement for the very first time. First-time users may even find it difficult to understand the statement. Thus, to simplify the experience, credit card issuers segregate the statement into different sections and subsections. You can find following details in a credit card statement:

• Details of the cardholder, such as name, residence address, and email address

• Credit card-related details such as payment due date, total dues, available cash limit, minimum amount due, credit limit, and available credit limit

• Past dues (if any) and details regarding overlimit

• Account summary where you can find data such as opening balance, payment/credits, purchase/debits, finance charges, and total dues

• Rewards points summary which gives information on opening balance, earned, disbursed, adjusted, and closing balance

• Information related to domestic transactions date, transaction description, and amount

• A credit card statement also contains offer-related details that are available on your credit card

• Lastly, the credit card statement displays crucial information related to the terms and conditions of the bank

Importance of a Credit Card Statement

Your credit card monthly statements are important because they help keep a tab on the expenses made using the card. It acts as a comprehensive list of your expense history. Here’s a list of reasons why your credit card online statement is important:

• Budgeting Assistance: Assessing your credit card statement can help you understand your spending patterns. This in turn can help you budget expenses better and ensure optimum savings. 

• Payment Reminders: Your credit card statement mentions your payment due date. Making payments within the due date saves you penalty charges and interest fees. Timely payments also protect your credit score. 

• Transparency: Your credit card bill statement clearly outlines transaction details for the entire billing cycle. So, if there are any inconsistencies or errors in these bills, you can easily bring it up with your bank to ensure instant redressal. 

• Credit Limit Alerts: Crossing your credit limit can affect your CIBIL score and attract add-on penalty charges. Your credit card statement helps avoid this. With such monthly credit limit reminders, you can plan expenses beforehand to first fund essential expenses.

• Tax Advantages: Since your credit card statement sums up your expenses, it can be used as a supporting document while filing taxes. Tax benefits for business expenses or charitable donations can be claimed against your credit card statement. 

How to Manage Errors in a Credit Card Statement

If you find errors in your credit card statement like false transactions or incorrect due amounts, you should move to resolve the issue immediately. Here’s how you can manage errors in your credit card bill statement:

• Contact the Bank/Lender: You should immediately call the customer care number of your credit card issuer. You can also send an email or visit their nearest branch to notify them of these errors and seek assistance. 

• Contact the Merchant: If your card was swiped and debited twice by the merchant, the error can be managed by directly contacting the merchant. 

When you use either of these redressal avenues, remember to keep your supporting documents handy. Your credit card statement and other requisite documents will be essential in proving this error. 

How to Download a Credit Card Statement

You can download your CC statement from the credit card netbanking portal by following the steps stated below:

• Step 1: Login to the credit card netbanking account with your credentials.

• Step 2: Navigate to the ‘Credit Cards’ section.

• Step 3: You will see the latest credit card monthly statement under the tab ‘Statement’.

• Step 4: Download the CC statement as a PDF.

• Step 5: Provide the CC statement password to get the PDF file.