I am a first time credit card user, I have a HSBC credit card and just received my credit card statement. I want to understand more about credit card statement? What is Credit card statement? What are the things I should view on credit card statement? How to read credit card statement?
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A credit card statement is a summary of the expenditures made in a particular billing cycle, the payment due date, the minimum payment due, credit and cash limit available, reward point summary. The credit card issuer will send your monthly credit card statement at least 15 days before your credit card payment due date. This will help you manage your finances more effectively.
Things you should look in credit card statement
1.) Total Dues – Look at the total amount you owe. This includes all the purchases you’ve made during the billing cycle plus any previous unpaid amounts.
2.) Important Dates – Check the payment due date (the last date to pay without penalties) and the statement date (the day your statement was generated).
3.) Transactions – Go through the list of all purchases and payments made during the billing period. Each entry shows the date, a short description, and the amount.
4.) Reward Points – Check how many reward points you earned in this billing cycle.
5.) Credit Limit – Review your total credit limit and how much of it is still available (both for purchases and cash withdrawals).
6.) Last Month’s Balance – This shows how much you owed in your previous statement. It helps you keep track of your past spending.
You should read your credit card statement in the following ways-
Start by checking the statement date, then review the payment due date to ensure timely repayment. Next, look at your previous statement balance, followed by your current available credit limit and cash withdrawal limit. Finally, don’t forget to review your reward points summary to keep track of your earned benefits.
HSBC will send you your credit card statement 15 days before your credit card bill payment due date.
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A credit card statement is a monthly summary of all your card activity during a billing cycle. For HSBC cards, the statement date is the day your billing cycle ends and the statement is generated.
It includes your total outstanding balance, minimum due, due date, transaction list, and available credit. Always check for any errors or charges you don’t recognize.
Try to pay the full amount before the due date to avoid interest. The time between the statement date and due date is your interest-free period, usually around 20 days.