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Credit card statements are required by law to contain certain information that can help you manage your credit card usage.
In recent years, statement designs have become more readable to help credit card holders easily find important information in their monthly statements, namely payment due dates, amount due, consequences of late payments, and fees and charges. interest on different types of accounts. Another feature alerts consumers to the cost of monthly minimum payments.
Every credit card bill also has a box that shows how long (in months or years) it would take to pay off the entire balance if the cardholder made the minimum payment, compared to how long it might take to pay off at higher payments . The box also shows the total dollar amount that cardholders will pay, including both interest and principal, information that has certainly opened the eyes of some borrowers.
To help you better understand some of some of the currently required reporting features, we are going to look at a sample report based on the Federal Reserve Board samples.
Although your statement may not look exactly like the one below, since each credit card issuer has its own version, the following sample may give you an idea of what to expect.
Bank credit card statement
Account number XXX XXX XXX XXX
February 21, 2022 to March 22, 2022
The dates shown at the top of your credit card statement will alert you to when the charges occurred. This can be helpful when you sit down to review your application and make sure all of your recent payments are accurate.
Account activity summary
| Account activity summary | |
|---|---|
| Previous balance Payments Other loans Purchases Balance transfers Cash advances Overdue amounts Charged fees Interest charges New balance Credit limit Available credit Statement closing date Days in a billing cycle |
535.07 $69.45 2000 USD $215.47 06/22/2022 thirty |
The account activity summary covers a wide range of important factors worth noting, such as what your previous balance was, whether you took any cash advances (which can happen by chance when purchasing a gift card), and what your new balance is. Please review the section below carefully to make sure you are up to date with current developments with your credit card and that no errors have occurred.
Payment Information
| Payment Information | |
|---|---|
|
New balance $1784.53 Minimum payment $53.00 |
|
| Late Payment Warning: If we do not receive your minimum payment by the date above, you may be subject to a late payment penalty of up to XX and your annual interest rate may be increased to a penalty annual rate of 28.99%. Minimum Payment Warning: If you only make the minimum payment each period, you will pay more interest and take longer to pay off the balance. For example, if you have a balance of $1,000 with an interest rate of 17% and you always pay only the bare minimum, it will take more than 7 years to pay off that balance. If you need information about credit counseling services, call 1-800-xxx-xxxx. |
|
One of the main reasons credit card statements are so useful is because they show you what your new balance is, what your minimum required payment is, and by what date you need to make a payment. This section should also include warnings about what happens if your payment is late and what it means to make the minimum payment instead of paying the balance in full.
Questions
| QUESTIONS? | Please direct your billing requests to: | ||
| Call customer service |
1-XXX-XXX-XXXX |
PO Box XXXX, Anytown,
XXXXX |
|
| Lost or stolen credit card |
1-XXX-XXX-XXXX |
||
If you have any questions about your latest statement or your credit card in general, there will be a section that will point you in the right direction on how to contact support. It should also include contact information that you can use if your credit card is lost or stolen.
Important changes to your account terms
| Important changes to your account terms | |
|---|---|
| Below is a summary of the changes that are being made to your account terms. The changes in the annual interest rate described below are due to changes in market conditions. For more information, please refer to the booklet included with this application.
These changes will affect your account in the following ways: Transactions made on 04/09/22 or later: Effective May 10, 2022, these transactions will be subject to the APR changes described below. Transactions made before 04/09/22: Current annual interest rates will continue to apply to these transactions. If you are already being charged a higher penalty APR for purchases: In this case, any changes to the APR described below will not take effect at this time. These changes will take effect when your account is no longer subject to the penalty APR. |
|
| Revised terms from 04/10/2022 | |
| per annum for purchases | 16.99% |
| Late payment fee | $32 if your balance is less than or equal to $1,000; $39 if your balance is over $1,000. |
If there are any changes to the terms of your account, you will be notified on your credit card statement. This is another reason why carefully reading your statement each month is a good credit card habit.
To be crystal clear as to what your current annual interest rate and late payment fee is, double check the revised terms and conditions section of your credit card statement.
Transactions, fees and total interest
| Transactions | ||||
|---|---|---|---|---|
| Reference number | Trans date | Publication date | Description of the deal or loan |
Quantity |
| 5884186PS0388W6YM 0544400060ZLV72VL 55541860705RDYD0X 554328608008W90M0 054830709LYMRPT4L 854338203FS8OO0Z5 564891561545KOSHD 841517877845AKOKJIO 895848561561894KOH 1871556189456SAMKL 1542202074TWWZV48 2564894185189LCDFID 4545754784KOUIOS 14547847586KDDL564 2564561023184102315 55542818705RASD0S 289189194ASDS8744 178105417841045784 045148714518979874 8456152156181SDSA 31289105205648AWD 04518478415615ASD 0547810544898718AF 056489413216848OP 054894561564ASDV 5648974891AD98156 |
2/22 2/24 2/24 2/24 2/24 2/25 2/25 2/25 2/26 2/26 2/26 2/27 2/27 2/28 2/28 3/1 3/2 3/3 3/6 3/5 3/11 3/11 3/15 3/16 3/17 March 19 |
2/23 2/25 2/25 2/25 2/25 2/25 2/26 2/26 2/27 2/27 2/26 2/28 3/1 2/28 3/1 3/2 3/3 3/6 3/5 3/12 3/12 3/16 3/17 3/17 3/18 3/20 |
Shop #1 Shop #2 Shop #3 Shop №4 Shop #5 pymt-thank you Shop #6 Shop №7 Shop #8 Shop #9 Cash advance Shop number 10 Balance transfer Cash advance Shop №11 Shop №12 Shop №13 Shop №14 Shop №13 Shop №15 Shop №16 Shop №17 Shop №18 Shop №19 Shop №20 Shop №21 |
$2.05 |
| Fees | ||||
| 9525156489SFD4545Q 56415615647OJSNDS 84151564SADS8745H 256489156189451516L |
2/23 2/26 2/27 2/28 |
2/23 2/26 2/27 2/28 |
late penalty Cash withdrawal fee Balance Transfer Fee Cash withdrawal fee TOTAL COST |
$35.00 |
| Interest charges | ||||
| Interest on purchases Interest on cash advances TOTAL PERCENTAGE |
$6.31 |
|||
| Results for 2022 year-to-date | ||||
| Total fees charged in 2022 Total interest accrued in 2022 |
$90.14 |
|||
The transaction section of your credit card statement will show all purchases you made during that statement period. You can see the date the purchase was made, who the seller was, and how much was spent.
Once again, please review this section carefully to ensure that you have made all payments and that all amounts are correct. Any unauthorized payments could be a sign of identity theft. This section will also show any fees you have paid (such as late fees or balance transfer fees) and interest accrued to you during the reporting period.
Interest calculation
| Interest calculation | |||
|---|---|---|---|
| Your Annual interest rate (annual) annual interest rate on your account | |||
| Balance type | Annual interest rate (annual) | Balance subject to Interest level |
Interest accrual |
| Purchases Cash advances Balance transfers (v) = variable rate |
14.99% (vol) 21.99% (vol) 0.00% |
$512.14 $253.50 $637.50 |
$6.31 $4.58 $0.00 |
To get a better idea of how much you are paying annually to use your credit card, based on your current credit habits, you can review the interest calculation section of your statement. It will show how much you have paid in interest on purchases, balance transfers, and cash advances.
Payment coupon
– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
Please unplug this part and return it with payment to secure credit. Save the top for your records.
| Please indicate the change of address and add. cardholder requests on the back.XXX bank Mailbox XXXX Anytown, Anystate XXXXXX |
Account number: New balance: Minimum payment for payment date INCLUDED AMOUNT: |
XXX XXX XXX XXX $1,784.53 $53.00 04/20/22 |
|
Source: Federal Reserve Board.
If you are paying by mail with a credit card, you will need to separate the tail of the statement (which must be clearly stated) and enclose it with the payment. You will keep the rest of the statement for yourself.
bottom line
While reviewing your credit card statement isn’t a fun activity, it’s an important activity that should be part of your monthly routine. Carefully reviewing your application gives you the opportunity to check for errors or signs of identity fraud. It will also give you a better understanding of what you are paying to use your credit card or maintain a balance.
You can also use the recent purchases view to make sure you’re happy with your current spending habits. Spending 15 minutes a month looking at your credit card statement will really pay off in the long run.
Editorial disclaimer
The editorial content on this page is based solely on the objective judgment of our contributors and is not based on advertising. It was not provided or ordered by credit card issuers. However, we may receive compensation when you click on links to our partners’ products.
