When you know how to read your credit card statement, you will have a better understanding of how your credit works.
Knowing when your billing cycle and your payment due dates are, will help you track your credit card usage too.
1. Summary of Activity: This section gives an overview, including previous balance, new payments, and credit limit.
2. Payment Information: This shows the total new balance, payment due date and minimum required payment needed.
3. Account Summary: This is a detailed overview of how much interest you are paying and from what transaction.
4. Interest charges: This shows the annual percentage rate you are paying for the different transactions on your card.
5. Fine Print: Contact information, your rights as a cardholder, and an explanation of your interest rate from your issuer.
6. Transaction Summary: This shows all transactions on your credit card that have taken place in that billing cycle.
7. Rewards: This gives you a quick look at the rewards and cashbacks you've earned if your card supports this feature.