Credit Card Statement
It is necessary to check the credit card statement that is sent to you by your credit card company every month without fail. It is because going through your credit card statement regularly will enable you to monitor your expenses and pay your bills on time. Paying credit card bills on time will ensure that you do not accrue any interest on the due amount. It also has a positive impact on your credit score.
Accordingly, you should know how to check credit card statements. Credit card statements can be reviewed through online or offline methods.
How to Check Credit Card Statement
The below-mentioned process will help you to check your credit card statement through both methods.
- You have to create an account on your credit card company’s online website by providing your name, email id and password.
- Use your credentials such as your RBL credit card login ID details to enter your credit card company’s website. Once you gain access, you will be able to view all credit card related information such as available credit limit, payment due date, reward points earned, and redeemed among others.
- You can download an offline copy of your billing statement to check it more efficiently.
In case you have opted to avail your credit card statement through offline methods, you need to provide your postal address to your credit card company. Thereon, your credit card company will send you your billing statement via post to your residence.
To know how to check credit card statement properly, one should have a proper understanding of the contents of their credit card statement.
Contents of a Credit Card Statement
Apart from providing detailed information about every transaction that you have made during the billing period, a credit card statement contains other information too. In order to read your credit card statement correctly, it is essential to know about the below-mentioned terms.
- Payment due date – This is the final date by which you have to make the payment of your credit card bill. If you make the payment within the grace period, you will not be charged any interest. If the bill is not paid by the due date or you make a late payment, you will be charged interest along with a penalty fee.
- Total payment due – This is the full amount that you have spent using your credit card and which you now owe your credit card company. You should pay this amount within the grace period to avoid paying high interest.
- Minimum payment due – in case you fail to make a payment in a single month, you have to pay the minimum payment amount due so that you can avoid paying high interests.
- Credit limit – Credit cards come with a pre-determined threshold which is mentioned in the billing statement under the total credit limit. When someone makes a transaction with their credit card, this credit limit decreases. The credit card statement will show the revised credit limit at the end of the billing period. It can be checked in the billing report under the heading available credit limit.
- Available cash limit – Some credit cards such as the Bajaj Finserv RBL Bank SuperCard allows the user to draw cash from ATM without charging any additional interest on it. Even so, the amount of money that can be withdrawn from ATM is predetermined too. Users can check the cash limit that is still available for withdrawal in their credit card statement.
Bajaj Finserv also provides pre-approved offers on credit cards. These offers make the application process simpler and easier. They are valid on numerous financial products including credit cards, personal loans, business loans, etc. You can check your pre-approved offers by providing your name and contact number.
- Reward points – Credit card statement contains information about reward points earned on transactions with a credit card. The reward points at the start of the billing cycle and the end of the billing cycle can be checked under the section named opening reward point and closing reward point.
- Details of transactions- This is a vital aspect of an RBL credit card statement. It not only helps figure out the areas individuals tend to spend more but also helps manage the same eventually. Further, it offers a fair record of cash advances availed during a month and helps identify transactional errors effectively.
Once you inculcate the habit to check these points in your RBL credit card statement, you would learn how to read your credit card statement correctly. Additionally, it would help you identify transaction errors pertaining to a billing cycle. In turn, it would facilitate the process of rectifying it at the earliest.
Users can also check the number of reward points that he or she has earned and redeemed within the billing period. You should know how to redeem your credit card reward points to avail attractive discounts, cash-backs, and gift cards.
It is crucial for you to know how to check credit card statements both online and offline so that you can use your credit card wisely. It will also enable you to spot any transaction errors and notify your credit card issuers immediately.