Credit card statements or CC Statements summarise all your transactions, which helps you learn where you have spent your money. Nowadays, it is easier to check your credit card details because you can check the statement anytime by logging into your credit card account. So the questions you have on your mind relating to credit card statements are available here, along with the answers.
What Transaction History the Credit Card Statements will show?
You will see the credit limit and complete transaction process in the credit card statement, including the interest rate applied to the bank. Often, credit card statements also show the reward points available on the card, along with the use of reward points.
The minimum payment that is due along with the due date of the payment is all you can check on the credit card statements. The amount of late fee that will be charged if someone pays the bill late is also available on the credit card statements for the user’s convenience.
What to do if there is some error in the statements?
Bank software maintains the record of the transaction of every customer. However, sometimes machines can cause an error because of some technical problems; if you see an error in your credit card transaction system, you must contact the bank directly after receiving the statement within 60 days to rectify it.
When will you receive the credit card statement?
Credit Card billing statements are mailed by the bank authority 21 days before the due date of payment to avoid additional costs on behalf of customers. Customers can also opt for a paperless method where the bank sends a credit card statement email. But with the improvement of digitalisation, an individual now can check his credit card statements by simply logging into his credit card account whenever he wants to.
Why haven’t you received credit card statements even after a transaction?
If the bank sends no credit card statement in a paper format, the credit card issuer may not have your correct address. In that case, you must update them with your recent address. Suppose you opt for paperless mailing and still have not received a credit card statement from the bank. In that case, you must have done no transactions, or your credit balance is in a meagre amount to continue the transaction.
What is the billing cycle?
The billing cycle is the time limit between two bills, ranging from 20 to 45 days. Therefore, the customer needs to know the billing cycle by going through the credit card statements to enjoy the interest-free period between the first day of the billing cycle till the due date.
How to know the change in an interest rate?
Credit card companies generally inform the customer 45 days prior if they charge different rates of interest. Different rates of interest are charged as a penalty if there is a late payment by the customer. Change in interest rate is also mentioned in the credit card statements, where the companies usually list the interest and fees separately for the customer’s convenience.
What will happen if you close your card?
If you close your card, you will still receive the mail on credit card statements if you cannot pay off your credit card amount. In addition, you will also receive the rate of interest amount billing that is running on your previous transactions. So even if you want to close a credit card, it will be wise to close it after clearing out all the interests of previous transactions if you have any.
In the Bajaj Finserv credit card statement, along with the transaction history, one can also check the current balance, reward payment billing cycle, and minimum due date. They also email the credit card statements every month, though they can have that if anyone wants the statement in paper form. Suppose anyone who holds a Bajaj Finserv Credit card wants to check their credit card status independently; in that case, they can do that by logging into the credit card and then going under the “account summary.”