creditcardcity.com.au

When ever you read through your credit card statement you get confused. The only thing you could make out is the amount you have to pay by a certain date. Here’s some help for every Australian to actually read their credit card statement and use it appropriately. A credit card statement usually shows the elements listed below:

1. Your credit card number
2. The statement date
3. Billing cycle and billing date
4. The total amount due
5. The minimum amount due. This amount is generally 2-5% of your balance.
6. Payment due date. This is the date by then you must pay the whole or at least the minimum amount due.
7. Previous balance. This is the carried forward amount from previous months.
8. Transaction details of the purchases made i.e. your account summary. This shows the details about the purchases you made, where you have used your credit card during the current billing period.
9. The bill also contains your credit summary.
10. Reward points.
11. Late payment fee or interest charges, if applicable
12. Service Tax, if applicable
13. Credit card company’s contact information
14. Different payments options like cash, cheque and all the addresses where you can drop the cheque.
15. You will find customer service and lost/stolen card reporting telephone numbers, as well as the mailing address for correspondence regarding disputes and payments.
16. Cash advance limit
17. Credit limit
18. Available credit limit

The credit summary shows details about your total credit limit, available credit limit, cash limit and available cash limit on your credit card. The calculation is done like this:
Available cash limit = Total cash limit – Cash amount used.
For example, if your total cash limit was 10,000 and you used or withdrew 2,000, your available cash limit will be 8,000 now.

This entry was posted on Wednesday, May 20th, 2009 at 10:38 am and is filed under Credit Cards. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.