A credit card statement is a document that is issued after the end of each billing cycle. It lists all the payments, purchases, credit and debit transactions you made using your card. It is the main tool to track your monthly expenses and maintain your credit card account responsibly. Systematic inspection of the statement reduces chances of a clerical error on your credit card bill and any fraudulent activity on your credit card account.

A borrower typically receives a credit card statement via post. However, with the advent and integration of internet and handheld devices, most financial institutions have incorporated emailing systems to send an e-statement to their customers.

It makes the process much more streamlined and quick. Also, if you own a Bajaj Finserv RBL Bank SuperCard, you can log into the customer portal Experia at any time and see your Bajaj Finserv Credit Card statement.

There are a few things that you should remember when you go through your credit card statement every month. Reading it properly will give you a lot of information necessary to familiarise yourself with the finer details of your credit card and its policies.

Here is a brief run-down on how to read and understand your Bajaj Finserv credit card statement.

  • Statement date –

    The statement date represents when a lender generates your credit card statement. It is the very first thing you should take note of when you check the report.

    Statement date is used to calculate interest charge. If you do not pay the bill within its due date, the interest will be calculated from the statement date. You can also use it to calculate and tally any charges.

  • Billing cycle –

    The time between 2 consecutive statement dates is a billing cycle. It is a 30-day period when you use your credit card for new purchases.

  • If you have any unpaid bill from previous months, it will reflect in the last billing cycle of your Bajaj Finserv credit card statement. It will also carry any interest penalty or late payment fee.

  • Interest-free period –

    Credit card companies offer an interest-free period between your billing cycle and payment due date. If you purchase anything in this period, you will not have to pay any interest till the due date.

    Ideally, you should purchase something right after a card’s billing date to enjoy the maximum interest-free period of around 45 days.

  • Total due amount –

    The summation of all unpaid amounts on your credit card is the total amount due. It comprises new purchases, any outstanding amount from the previous month, interest, late payment fee, or any such charge or penalty that may be applicable.

  • Minimum amount due –

    The minimum amount due in a Bajaj Finserv credit card statement is a sum of money that you can pay before the due date to avoid any late payment charges in case you default on the total amount due. It can help you avoid unwanted interest charges in case you are in a financial crisis.

    The outstanding total due will, however, carry forward in your next statement even after paying the minimum amount.

  • Transaction details –

    It is a list of all the purchases and payments made with your credit card, accompanying the date, amount, and place of transaction. Various other types of charges including cash advances also come under this list. You can tally the transaction details with the physical receipts to check for any error.

  • Credit limit –

    Credit limit is the maximum amount you can spend with your credit card. A financial institution will set a credit limit when you apply for a card. Various criteria like CIBIL score, credit history, etc. play a critical role in its calculation.

  • Cash advances –

    The SuperCard allows you to withdraw money from an ATM and repay without any interest for up to 50 days. Such cash advances will show in your Bajaj Finserv credit card statement whenever you avail it.

Other than a cash advance, the SuperCard also comes with two other industry-first features: an emergency personal loan and effortless EMI conversion.

A credit card statement also carries other vital information like terms & conditions, RBL Credit Card payment clauses, tariff sheet, termination and cancellation policies, and what you should do in case of a theft or loss of the card. You should carefully go through it to know all the essential details about your credit card, and understand and utilise it in a better way.

Author's Bio: 

I am a writer and philosopher. I always look for some new things and experiences and love to write for it.