Credit Card Statements: What you need to know

A credit card statement is a summary of your card usage within a billing period. Simply put, it shows how much of your credit card limit you have used and how you have utilised it, i.e., the transaction details. 

Knowing what your credit card statement entails is important for better financial planning and management. That’s not all. It also lets you use your credit card wisely, which helps you get higher savings and maximum benefits from your card. 

Read on to get a quick overview of how to get credit card statements and what they contain. 

Process to Get Your Statement 

Generally, the issuer sends your credit card statement to your registered email ID every month. You can also download it by logging into your issuer’s web portal or app. Once you are logged in, look for the statement option on the dashboard. You can also check your previous statements by modifying the billing period.

Calling customer care and visiting the nearest branch are also viable options if you don’t prefer online options. You can also opt for SMS banking to request your issuer for a statement. 

Details in a Credit Card Statement

Want to know the extent of credit card information you can find on your monthly statement? Here’s what the statement includes:

Account Details 

This section gives all the basic information of the cardholder. You can check this to verify that the statement is for your card and there isn’t any error. Here are all the details it includes: 

• Name 
• Address 
• Contact details 
• Email address 
• Account number
• Billing cycle 

Account Summary

This section is the key part of your statement. It gives you a quick look at your dues, which is crucial when making payments. In this section, you can find:

• Total payable amount 
• Previous balance 
• Available credit
• Minimum due amount 
• Statement date
• Due date 

Transaction History 

This section of the credit card statement contains a detailed breakdown of all the transactions you’ve made. It includes:

• Merchant or beneficiary name 
• Transaction date 
• Transaction amount 
• Category of transaction 
• Total transaction amount

Review this section with utmost care. Why? Well, it will help spot unauthorised transactions made using your card. If you see any such charge, you can take prompt action to protect your finances and identity. 

On the other hand, if you don’t catch these fraudulent transactions in time, you may face loss. This may also decrease your CIBIL score. 

Late Payment Calculations

In the section, the issuer displays the calculations for late payment charges and other penalties. As you know, this is an application only when you don’t pay your dues by the deadline. Don’t agree with the charges you see? No problem. Simply contact the customer care team on call, chat or SMS and get a solution. 

Rewards History 

The section of the credit card statement contains the details about your reward points and any cashback you earned during the billing cycle. It includes:

• Previous reward points 
• Points earned during this cycle
• Reward points used in the current cycle 
• New total of reward points
• Expiration dates 

This refers to all the common credit card information that is included in all statements. Issuers also mention any changes in their policy or any other important information in a statement. 

Reading your statement carefully can help you avoid unnecessary expenses and penalties resulting from non-payment or delayed payment. It can also help you keep an eye on the points you have earned and look for ways to maximise your benefits. 

Looking for a credit card that offers accelerated savings and perks? Consider the Fibe Axis Bank Credit Card. With it, you can enjoy up to 3% cashback on all online and offline payments, pay zero annual and joining fees, get a 1% fuel surcharge waiver and more. 

As India’s first UPI-enabled numberless credit card, it also ensures maximum security for all transactions. Download the Fibe App or visit our website to apply online. 

FAQs on Credit Card Statement

How do you read credit card statements?

Here is how to check credit card statement:

• Review all the credit card information
• Check the due dates and set a reminder if needed
• Go through the details of your transactions 
• Verify the interest amount and other charges, if any
• Read the fine print for any additional charges or changes

Do credit card statements show transactions?

Yes, the statement includes details of all transactions made within the billing period. Verifying this will help ensure the issuer is charging you for the right amount and detect any fraudulent transactions. 

What is the difference between a bank statement and a credit card statement?

A bank statement contains information about the debit and credit transactions as well as the opening and closing balance of your bank account. A credit card statement contains all these details for your credit card and not your account. 

How do credit card monthly statements work?

When the issuer generates your statement, it contains all your credit card information. The crucial part is the transaction details for inward and outward payments. The statement also tells you how much you owe, the due date to pay it and any other pending dues. All this information helps you pay the bill on time and better manage your finances.