Layman's Guide to Credit Card Monthly Statements Part 1

Every credit card holder gets a monthly statement by mail. This statement describes all your spendings, fees, important dates, current and outstanding balances with your credit card. Contrary to popular perception all credit card statements are not the same, they vary according to the credit card issuer.

Reading this monthly statement carefully and understanding every bit of it matters a lot for the credit card holder. In this two part article we take a look at various terms and facts mentioned in a typical credit card statement and what do they really mean for the credit card holder. Let us start.

Purchases/new charges

It will contain details of what all did you purchase or borrowed with your credit card in the previous month. Check this carefully. If there is an item which you didn't purchase or amount that you didn't borrow but is listed in this section, its time to act.

Read more at: Layman's Guide to Credit Card Monthly Statements Part 1