Details behind your Credit Statement

Find out how important these credit card statements could be and why you should not just ignore them.

08:26 16 November 2013

One of the best things you can ever do is to study your credit card statement each and every month. By doing so, you will be updated with the latest trends on your credit report and be sure that there are no rogue charges on your card. With the new rules coming into play, card issuers must now send detailed annual statement in addition to the monthly statement, which they usually send.

 

Payments allocation

On the credit card statement, a column will be allocated to the list of purchases you made for the month with the transaction and posting dates clearly shown.

In the right column, the cost of each purchase you make is clearly displayed and converted into pounds in areas where the transaction was made in foreign currency. Any loyalty points through your card provider or bank will be shown on the top section of the statement.

 

Summary box

This is the section of the credit card statement where the most important features of your credit cards will be displayed. It could also serve as a reminder to you on all the features your credit card is capable of and any extra charges that you may incur from using the card.

 

Disputed transactions

Supposing you have a problem with some items you bought, the first step you should take is to try resolving it amicably with the retailer and if they refuse or are unable to help you, then you can make do with the legal protections you have on your card.

 

Errors and fraud

If you suspect any fraudulent transaction or mistake on your statement, do not hesitate to contact the credit card company as quickly as you can so that they can freeze the suspected transaction.

It is a good practice to check your credit card statement every month. Look for illustrative examples on the statement, and do not hesitate to contact your credit card issuer, if you are uncertain of something.