What is the credit card statement?

When we obtain a credit card, it is important to keep an adequate control of monthly expenses; In this way you can make a projection of the time it will take to pay the current debt. To do this, you must use the credit card statement and learn to make a correct reading of it. In addition to the statement, it is important to know how to choose the best credit card to avoid unexpected commission expenses.-

What is the credit card statement?

The credit card statement It consists of an official document issued by a bank or financial entity and in which the consumption, cash advances, payments, interest and commissions are detailed during a period of time, which is generally one month. This extract can reach the client digitally or physically.

What information does it give you?

At Bank statement, The entity will inform you about the payments that must be made, the dates of these payments and, in addition, it will show which are the transactions carried out during the period of time.

Now then, we will detail the elements that make up the credit card statement:

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• Personal information: as its name says, the user’s data or information (name or address, among others) is indicated in the extract. Hence the importance, that this data is always correct and updated.
• Account number (corresponds to the number assigned by the bank)
• Account statement date: which indicates the day of the month in which a new period of purchase movements and payment of the credit card ends and begins.
• card type specifies the brand of the card and the customer’s product.
• Credit Card Number which corresponds to the number with which the card is identified.
• Normal purchases and installment purchases: This side lists the total amount for which the line of credit was authorized and also the amount available, which is the amount of money that has not yet been used and which can be used for normal purchases, in installments or cash advances. at the time of billing closing.
• Financed and previous balances: refers to the balance that was not paid in the previous payment (pending). In other words, with this data you can calculate the interest and taxes that will have to be paid for the charges for the period. As for the previous balance, this indicates the total debt at the previous closing.
• Summary of movements: details the purchases, cash advances and payments made from the last billing closing to the current one, with the cardholder and its additional ones. In this summary, you will find:
  – A operation date in which the purchase or transaction was made.
  – A date of process in which the card processor recorded the transaction.
  – Detail (local or business where the purchase was made).
  – Cost: which is the amount paid for the purchase or its equivalent.
• Debt period: amount due on the corresponding date for purchases made within the billing period, plus charges, commissions, interest and taxes.
• Total debt: sum of the debt for the period plus the balance of debt in installments.
• Minimum payment: amount that must be paid, as a minimum, to keep the line of credit up to date and not have arrears.
• Due date of the minimum or total payment: date on which payment is due.

What is it for?

The credit card statementserves to keep an exhaustive control of personal finances, this document includes the balance movements made during a certain period of time, among others.

However, by consulting the bank statement you will better organize your payments and it will make it easier for you be up to date with the card; in addition to easily spot any fraudulent transaction that a third party has done with your funds.

Another use of the bank statement is that banks and financial entities may request it when they analyze your financial profile to decide whether to grant a mortgage or a loan.

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How does it help control expenses?

The bank statement allows you to control the movements of your accounts and cards, with the convenience of always having it available when you need it. It is an excellent tool to keep track of the accounts, as it contains the receipts and proof of the operations carried out.

Additionally, by keeping track of each movement made, you can review any overcharge or erroneous charge by the bank or detect if any transaction was made by a third party and prevent further fraud from occurring.

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How can I consult the extract?

Currently, obtaining the bank statement is very simple and can be done in 2 ways:

1. Digital bank statement: Many banks allow you to consult the document online; either through the entity’s website, the mobile application or through email.
2. Physical bank statement: This is obtained at the bank offices or many times, it arrives printed by ordinary mail.

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