5 key things to check in your credit card statement

A credit card statement is a summary of how customers have used the credit card for the billing period. In order to keep a track of unclear and doubtful transactions, one should always read the credit card statements carefully.

According to Pranjal Kamra, CEO – Finology, credit card statements also help users in maintaining and keeping a check on the credit scores.

“Analysing statements would persuade users to not borrow more credit, thus avoiding lowering the credit score," Kamra opines.

According to Satyam Kumar, CEO an co-founder LoanTap, consumers should check and understand the charges which come along with the credit card.

"Most of the time, the banks charge a fee for spending above the sanctioned limit as well as interest on unpaid amounts. There may be other charges such as late payment fees and processing charges involved. Keeping a close eye on credit card statements helps users to avoid any unnecessary charges and keep the credit score intact," explains Kumar.

On reviewing transactions in the statement, Anil Pinapala, founder and CEO, Vivifi India said, one can identify if there are any unrecognised transactions to the provider which can be reversed following the due process.

As per S Ravi, founder and managing partner of Ravi Rajan & Co, credit card statements reveal the credit limit availability and the total outstanding. He suggests users to pay the total outstanding amount per month in order to avoid any extra charges.

The total amount includes all EMIs that they have to pay along with the charges levied in the given billing cycle.

The reward points that users accumulate generally have an expiry, Pinapala explains and the details are provided in the statement and can be utilised before expiry and they don’t get wasted.

"Credit card statements also summarise the new offers available on the credit card which if missed on other marketing communications can be beneficial," he says.

Any changes in the credit card agreement terms and conditions are generally communicated using the monthly statement sent and not reviewing the statement may result in missing out on this information.