Most of us don’t pay attention about credit card statement. It is a must to check out statement because there’s a changer in our credit card statement. The changes are :-
1. There’s a possibility a changes in your account summary including transactions, interest and fees charges for monthly billing. Check the credit limit and make sure there’s no changes. Sometimes the credit card provider will change the credit limit without any advance notice.
2. You need to know your payment summary regularly. Make sure they highlight your latest balance. Pay more to avoid unnecessary charges.
3. A late payment warning is important to know. Make sure you know the cutoff date. Sometimes they change the due date. Make sure you really know the time to pay to avoid the penalty fee.
4. There’s a minimum payment warning to ensure how much to pay minimum payment. It is important to check the regulation and make sure they don’t change it.
5. New fee . There’s a new fee that introduced by government (in certain country) such as yearly fee. Always get information about their changes because it can effect your budgeting. For example, before this there’s no yearly fee but in this years there’s a fee about US 50. It will cost you more if you have more than one credit card.
6. Get a list of transaction and examine if there’s any suspicious transaction even for cheap transaction. Make sure you know all of the transaction to prevent from mistakes or fraudulent activity. If there’s any suspicious activity, call you credit card provider.
7. Make sure the fee and interest charges list separately. You will see whether there’s any changes in the fee and interest.
8.You need to get summary of finance charges. The statement will show the list by balance category to show interest rate, amount subject and how much interest for each transaction. The category will separate by purchases, balance transfer and cash balance.
Reference :- Yahoo!Finance
That’s all changes in your credit card statement that you need to know. It will benefits in your financial budgetting.