How to read your credit card statement
Credit card statement formats vary, but take a look at this sample. Drag the magnifying glass over each section to learn how to read it.
As you use the red dot to drag the magnifying glass over the credit card statement, the elements are explained here.
Drag the magnifying glass up/down to see more
A. Credit card account number—keep it a secret, or others can use your account.
B. Closing date of the statement—the date the credit card company created this statement.
C. Amount of your credit line—your spending limit.
D. Available credit—amount of credit that you haven’t borrowed yet, so it’s still available to you.
E. Transactions section—shows a list of each charge and payment you made in date order.
F. Your transactions are summarized here, in the Account Summary section. You’ll also see totals for fees and interest charged for this month.
G. Payment Information—shows total amount you now owe, called your New Balance.
H. Minimum Payment—each month, you must pay at least this portion of what you owe. You may pay more, up to the total amount. If you want to have good credit, and reduce the amount of interest you’ll pay, it’s a good idea to pay more than the minimum payment each month.
• Your statement shows how long it will take to pay off your balance if you make only the minimum payment due each month.
• Contact information for credit counseling services is provided.
I. Due Date—the date the credit card company must receive your payment by. Or, they will begin charging you interest on the amount you owe and a late fee, and they could also increase your interest rate.
• Your statement will also include a Late Payment Warning, explaining what may happen if you don’t pay on time.
J. Rate Information—shows how interest and fees are calculated year-to-date.
K. Payment Coupon—repeats your current payment information. Include this coupon with your check if you pay by mail, and be sure to write in your new address if you’ve moved.
Remember: With a savings account you earn interest; when you borrow you pay interest. The interest rate a lender charges you depends on how good they believe your credit is - your creditworthiness.