Credit Cards have drastically changed the way we look at our finances. Time and again, they have brought premium products within our buying reach and with this, have taught us that no product is that far away. However, the mechanism that revolves around Credit Cards requires us to repay our dues on time. This brings the most Credit Card statements into the picture.
A Credit Card statement helps us keep our expenses in check. It also acts as a course correction whenever we spend more than we had planned. It provides a complete record of your credit history and has a variety of uses.
Along with these, the credit card statements also help ensure that your credit score is not impacted.
Credit card statement mentions the payment due date at the end of a billing cycle. This date is critical as it has a significant impact on your creditworthiness. By displaying the due date, the credit card statement reminds you to pay your bills on time so that your credit score is not hampered. The credit card statement also highlights incorrect charges, which, when left unpaid, can affect your score. This can be caused by duplicate charges levied on your purchases or identity theft. By using the statement, you can highlight all such discrepancies, unauthorised transactions and suspicious activity to the issuer, so that you are not charged unnecessarily.
Credit cards let you enjoy the advantages of borrowed credit such as buying on EMI, availing a loan, withdrawing cash, enjoying rewards, improving your credit score, etc. Keeping track of your credit card statement can help you reflect on your finances and make the most of credit cards without falling into debt. To know more, download the Bajaj Markets App.
More About Payments & Other Credit Cards