Let’s resume with the categories of credit card statement that are discussed below:
Minimum Payment Warning
Credit card issuers are now required to post a minimum payment warning on your edit credit card statement. This disclosure tells you how long it will take to pay off your balance if you only make the minimum payment. You’ll also find out the total amount you’ll pay, including interest charges if you make the minimum payment.
The box must also include the monthly payment needed to pay off your balance in 36 months (3 years). And the total amount you’ll pay if you make that payment. If you decide to make the minimum payment after reading this section. You do so knowing that it’s going to take the maximum amount of time and you’ll end up paying the maximum amount of interest. The second box, showing the 3-year payoff payment. lets you know the amount of savings you’d receive by increasing your payment. You can also use a credit card repayment calculator to figure out the impact of various payment amounts. The payment amount needed to repay your account by a certain deadline.
Credit Counseling Notice
Your credit card billing statement must give you the contact information for a nonprofit credit counseling agency that you can contact if you’re having trouble making your credit card payments. The sooner you get help the better.Keep in mind that credit counseling offers a long-term solution to your credit card repayment. If your financial problems are short-term, first call your credit card issuer to see if you can postpone your payment a few days and
Account Changes Notification
Any changes to your account, like an annual fee or increased interest rate, will appear on a special section on the front of your billing statement. The statement must also include the effective date of these changes. Details about the changes may be mail in a separately, so make sure you read all the inserts included with your statement and any extra correspondence from your card issuer.
Edit credit card statement will include a payment coupon that you can include with your credit card payment. Including the coupon helps the credit card issuer process your payment and apply the payment to the correct account. Detach the coupon and place it in the envelope with your credit card payment.
Address Change Notification
If your mailing address has changed, make sure you have the creditor update its records. Otherwise, your future credit card statements will go to the incorrect address. Check the box indicating the address change and write your new address on the back of your credit card statement.You can also give your card issuer a call to let them know your new address or even change it online if your credit card
Credit Card Issuer Payment Address
If you’re using the envelope that came with your edit credit card statement. Make sure the credit card issuer’s address shows through the window. Otherwise, your payment could go to the wrong address. If you use a different type of envelope without the window, copy the credit card issuer’s payment address to the new envelope.You can also reference this address if you’re adding the credit card issuer as a biller in your bank’s online bill pay system.
Note that creditors typically have a different address for processing correspondence, like a billing error dispute. That address will print somewhere else on the billing statement, perhaps on the back of a page.
Transactions from the Most Recent Billing Period
Pay close attention to the transactions section of your billing statement. Make sure all the transactions and amounts are accurate and report fraudulent or unauthorized charges to your creditor immediately. Only the transactions from your most recently have completed billing cycle will listed. Refer to previous billing statements for older transactions. Transactions made after the billing cycle end date will appear on your next billing
Monthly Interest Calculation
Interest have calculated separately for each type of balance you have on the credit card, including purchases, balance transfers, and cash advances. Promotional APRs and their expiration will be listing in this section.
Total Interest and Fees Paid This Year
Your billing statement must include a running total of the interest and fees you’ve paid this year on your account. You can reduce the amount of interest. You’re paying by either negotiating a lower interest rate. Which may be difficult to do or by paying your balance faster. Some fees you can’t avoid, like an annual fee. But other fees, late fees and cash advance fees are easy to escape.
If your credit card comes with a reward program, a summary of your rewards will appear on your credit card statement. This section will generally include your reward balance, rewards earned this period, and amount of rewards available for redemption.