The period between 2018 and 2019 saw a hike of 27% in the number of credit cards in India. Though the number of credit cards is at an all-time high, not many users are familiar with the optimal usage or critical components of credit cards.
Nevertheless, the first step to gain insight into the management of credit card expenses and the use of the financial instrument is to become familiar with its vital component – credit card statement.
Things to check out
These pointers highlight the essential factors that credit cardholders must check and keep track of in their credit card statement.
- Statement date – The date on which the said statement is generated is essential to know as it helps keep a track of important information.
- Payment due date – The date by which cardholders are expected to pay their dues.
- Grace period – Interest-free period to pay credit card bills.
- Billing cycle – The period, a record of which is represented in the statement.
- Total amount due – The amount that cardholders must pay before the payment due date.
- Minimum amount due – The minimum payment required to avoid paying any interest.
- Credit limit – The amount of cash available to spend within a billing cycle.
- Transaction history – Entire record of all purchases and borrowings in a billing cycle.
- Cash advance – The amount one can borrow or withdraw as cash against the available cash limit.
Individuals should further look for cards like Bajaj Finserv RBL Bank SuperCard to avail of interest-free cash advance facilities.
Also Read: Simple Methods to Track Credit Card Spending
The NBFC also offers pre-approved offers to its customers and helps to make the entire financing experience smooth and hassle-free. Such offers are available for financial products, including business loans and personal loans. Check your pre-approved offers by entering details like your name and phone number.
10. Reward point summary – Shows the total reward points cardholders have accumulated and, which can be redeemed to avail various offers.
Once individuals become familiar with these aspects of a credit card statement, they would be able to identify the areas that need their attention the most. Also, it will help to find out errors in recording transactions, if any.
