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How to read your credit card statement

Checking your credit card statement carefully each month is a good habit to build

Summary

Legally, credit card statements have to contain certain information about your credit card and your credit usage. It’s important to review your credit card statement carefully each month to check for errors and to understand what fees or interest you’re paying.

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By law, credit card statements have to contain certain information that can help you manage your credit card usage.

Statement designs have become more reader-friendly in recent years to help credit cardholders easily find important information on their monthly statements – namely, when payments are due, the amount owed, the consequences of making late payments and how much they are paying in fees and interest on different types of accounts. Another feature warns consumers about the cost of making only minimum payments each month.

Each credit card bill also has a box that states how long (in months or years) it will take to pay off the entire balance if the cardholder makes the minimum payment compared with how long it might take to pay it off when making higher payments. The box also states the total dollar amount cardholders would pay when both interest and principal is factored in – information that has certainly been eye-opening for some borrowers.

To help you better understand some of some of the currently required statements’ features, we’re going to look at a statement sample based on the Federal Reserve Board’s samples.

While your statement may not look exactly like the one below – as each credit card issuer has its own version – the following sample can give you an idea of what to expect.

Bank credit card account statement

Account Number XXXX XXXX XXXX XXXX
February 21, 2022, to March 22, 2022

The dates listed 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 statement and make sure all of your recent charges are accurate.

Summary of account activity

Summary of account activity
Previous balance
Payments
Other credits
Purchases
Balance transfers
Cash advances
Past due amount
Fees charged
Interest charged

New balance
Credit limit
Available credit
Statement closing date
Days in billing cycle
535.07
-$450.00
-$13.45
+$529.57
+$785.00
+$318.00
+$0.0+
$69.45
+$10.89

$1,784.53
$2,000.00
$215.47
6/22/2022
30

The summary of account activity covers a wide variety of important factors worth noting, such as what your previous balance was, if you took any cash advances (which can accidentally happen when you buy a gift card) and what your new balance is. Review the section below carefully to make sure you’re up to date on your current credit card happenings and that no mistakes occurred.

Payment information

Payment information
New balance $1,784.53
Minimum payment due $53.00
Payment due date 4/20/2022
Late payment warning:  If we do not receive your minimum payment by the date listed above, you may have to pay a late fee of up to XX and your APRs may be increased up to the Penalty APR of 28.99%.
Minimum payment warning:  If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example, if you had a balance of $1,000 at an interest rate of 17% and always paid only the minimum required, it would take over 7 years to repay this balance. If you would like information about credit counseling services, call 1-800-xxx-xxxx.

One of the main reasons that credit card statements are so helpful is because they outline what your new balance is, what your minimum required payment is and by what date you need to make your payment. This section should also include warnings about what will happen if your payment is late and what it means to make a minimum payment instead of paying off your balance in full.

 

Questions

QUESTIONS?   Please send billing inquiries to:
Call customer service
1-XXX-XXX-XXXX
 PO Box XXXX, Anytown,

Anystate XXXXX

Lost or stolen credit card
1-XXX-XXX-XXXX

If you have any questions about your newest statement or your credit card in general, there will be a section that points you in the right direction of how to contact the support line. There should also be 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
The following is a summary of changes that are being made to your account terms. Changes to the APRs described below are due to changes in market conditions. For more detailed information, please refer to the booklet enclosed with this statement.

These changes will impact your account as follows:

Transactions made on or after 4/9/22: As of 5/10/22, changes to APRs described below will apply to these transactions.

Transactions made before 4/9/22: Current APRs 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 APRs described below will not go into effect at this time. These changes will go into effect when the Penalty APR no longer applies to your account.

Revised terms, as of 4/10/2022
APR for purchases16.99%
Late payment fee$32 if your balance is less than or equal to $1,000;
$39 if your balance is more than $1,000

If any changes are being made to your account terms, you will be alerted of them on your credit card statement. This is another reason that reading your statement closely each month is a good credit card habit to build.

To be crystal clear on what your current APR and late payment fee is, double check the revised terms section of your credit card statement.

Transactions, fees and total interest

Transactions
Reference numberTrans datePost dateDescription of transaction or credit 

Amount
5884186PS0388W6YM
0544400060ZLV72VL
55541860705RDYD0X 554328608008W90M0
054830709LYMRPT4L
854338203FS8OO0Z5
564891561545KOSHD
841517877845AKOJIO
895848561561894KOH
1871556189456SAMKL
1542202074TWWZV48
2564894185189LKDFID
4545754784KOHUIOS
14547847586KDDL564 2564561023184102315
55542818705RASD0X
289189194ASDS8744
178105417841045784
045148714518979874
8456152156181SDSA
31289105205648AWD
04518478415615ASD
0547810544898718AF
056489413216848OP
054894561564ASDW
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
3/19
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
Store #1
Store #2
Store #3
Store #4
Store #5
Pymt-Thank you
Store #6
Store #7
Store #8
Store #9
Cash advance
Store #10
Balance transfer
Cash advance
Store #11
Store #12
Store #13
Store #14
Store #13
Store #15
Store #16
Store #17
Store #18
Store #19
Store #20
Store #21
$2.05
$12.11
$4.63
$114.95
$7.35
$450.00-
$14.35
$40.35
$27.68
$124.76
$121.50
$32.87
$785.00
$196.50
$14.76
$3.76
$13.45
$2.35
$13.45
$25.00
$7.34
$10.56
$24.50
$8.76
$14.23
$23.76
Fees 
9525156489SFD4545Q
56415615647OJSNDS
84151564SADS8745H
256489156189451516L
2/23
2/26
2/27
2/28
2/23
2/26
2/27
2/28
Late fee
Cash advance fee
Balance transfer fee
Cash advance fee
TOTAL FEES
$35.00
$5.00
$23.55
$5.90
$69.45
Interest charged 
Interest on purchases
Interest on cash advances
TOTAL INTEREST
$6.31
$4.58
$10.89
2022 Totals Year-to-Date 
Total fees charged in 2022
Total interest charged in 2022
$90.14
$18.27

The transactions section of your credit card statement will show each purchase you made during that statement period. You can see the date the purchase was made, what the merchant was and how much the charge was for.

Again – carefully review this section to make sure you made all of the charges and all amounts are correct. Any unauthorized charges may be a sign of identity theft. This section will also outline any fees you paid (such as late fees or balance transfer fees) and how much interest you were charged during the statement period.

Interest charge calculation

Interest charge calculation 
Your Annual Percentage Rate (APR) is the annual interest rate on your account
Type of balanceAnnual Percentage Rate (APR)Balance Subject to
Interest Rate
Interest charge
Purchases
Cash advances
Balance transfers(v) = Variable rate
14.99% (v)
21.99% (v)
0.00%
$512.14
$253.50
$637.50
$6.31
$4.58
$0.00

To better understand how much you’re paying to use your credit card annually based on your current credit habits, you can review the interest charge calculation section of the statement. It will share how much you have paid in interest charges for purchases, balance transfers and cash advances.

Payment coupon

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

Please detach this portion and return with your payment to ensure credit. Retain upper portion for your records.

Please indicate address change and additional
cardholder requests on the reverse side.
XXX Bank
P.O. Box XXXX
Anytown, Anystate XXXXX
Account number:
New balance:
Minimum payment due
Payment due date
AMOUNT ENCLOSED:
XXXX XXXX XXXX XXXX
$1,784.53
$53.00
4/20/22

Source: Federal Reserve Board

If you make your credit card payment via mail, you’ll need to detach the final portion of the statement (which should be outlined clearly) and include it with your payment. You will keep the rest of the statement for your own records.

Bottom line

While reviewing a credit card statement isn’t a fun activity, it’s an important one that should be a part of your monthly routine. Reviewing your statement carefully gives you a chance to check for errors or signs of identity fraud. Doing so will also give you a better understanding of what you are paying to use your credit card or carry a balance.

You can also take advantage of reviewing recent purchases to make sure you’re happy with your current spending habits. Spending 15 minutes a month reviewing your credit card statement can really pay off in the long run.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

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