Important Details of your Credit Card Statement
What do you do with your credit card statement when it arrives in the mail? Hopefully you open it, read it over carefully, and then make the proper payment. Unfortunately, many people don’t act in this way. Instead, they only look at one or two details and then make a snap decision on how much money to pay. This is not something that you want to do. Instead, you should take your credit card statement very seriously to ensure that you don’t miss out on anything important.
There are three details of your credit card statement that you don’t want to miss:
1. Interest rate. What is the interest rate that is attached to your account? Remember, you may see more than one rate. One for purchases, one for balance transfers, etc. If you see any change in this number, be sure to get in touch with your credit card company to find out why.
2. Minimum payment. This is the minimum amount that you can pay without getting a red mark on your credit report. Although you definitely need to pay at least the minimum, this is not the best way to get out of debt.
3. Balance. This number represents your total balance and is sure to fluctuate each month based on purchases, past payments, and finance charges. You should always know what your balance is, while also having a plan for paying it down as quickly as possible.
Once you have a good idea of what your credit card statement looks like and which details are most important you will know where to turn for the right information.
November 21st, 2008 at 9:26 am
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