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CREDIT KNOWLEDGE

CREDIT CARD STATEMENTS

Your monthly credit card statement tells you a lot more than just how much you owe and when to pay it by.

You can receive your credit card statement in 2 ways; one is the traditional way where its printed onto paper, popped in an envelope and posted to you. The other, much more convenient route is online. If you have a Capital One credit card you can register for Online Account Servicing and you won't need to wait for your latest statement to be delivered.

Whichever way you choose to receive your credit card statement it will have the same important information available.

Outstanding balance

The outstanding balance is the total amount you owe including all interest and charges up to the statement date.

Minimum repayment

It's important that you make this payment on time each month. If you don't, you will incur additional charges and damage your credit rating. If you choose to only ever make the minimum repayment it will take you longer to pay off your debt and will cost you more.

Payment date

This is the date by which your credit card provider must have received your payment, so you need to consider how long it will take for the payment to reach them. You need to pay at least the minimum amount requested or you will incur additional charges and damage your credit rating.

Interest rates, fees and charges

This shows you the interest rates for different types of borrowing. For example, the interest rates for purchases, balance transfers and cash withdrawals may all be different. The fees and charges will show on your statement like normal transactions. Find out more information about interest rates.

Allocation of payments

This will explain the order in which purchases, balance transfers, cash withdrawals and any fees will be paid off when you make a payment.

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Credit Made Clearer provides general information about credit and does not provide financial advice. If you require financial advice about a specific issue you should consult an independent financial adviser.