How to  read your credit card statement

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When you know how to read your credit card statement, you will have a better understanding of how your credit works.

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Knowing when your billing cycle and your payment due dates are, will help you track your credit card usage too.

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1. Summary of Activity: This section gives an overview, including previous balance, new payments, and credit limit.

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2. Payment Information: This shows the total new balance, payment due date and minimum required payment needed.

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3. Account Summary: This is a detailed overview of how much interest you are paying and from what transaction.

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4. Interest charges: This shows the annual percentage rate you are paying for the different transactions on your card.

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5. Fine Print: Contact information, your rights as a cardholder, and an explanation of your interest rate from your issuer.

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6. Transaction Summary: This shows all transactions on your credit card that have taken place in that billing cycle.

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7. Rewards: This gives you a quick look at the rewards and cashbacks you've earned if your card supports this feature.

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