Managing your financial resources has always been crucial. With several financial services available, credit cards stand out as versatile companions offering convenience and purchasing power.
However, with this power comes the responsibility of making your payment on time. Since every credit card has a billing cycle, it is important to pay within the duration to avoid high interest on your balance. The only way to do this is by tracking your monthly bills.
The question arises: How do you check your monthly credit card bill to track your expenses? You can check your monthly expenses through a credit card statement.
You might want to know what is a credit card statement and how does it help? Read on to get answers to all these questions.
What is a credit card statement?
A credit card statement is an extensive report furnished by your credit card provider, encapsulating all your financial actions throughout a designated billing cycle. This document presents a unified perspective of each transaction, payment, and expense linked to your credit card during that specific timeframe.
Credit card statements function as a snapshot of your financial expenses. If you are a Kotak customer, Kotak's credit card statement provides an intricate analysis of every purchase, cash advance, balance transfer, fee, and any other monetary transaction executed via your credit card.
How to check your credit statement?
Monitoring your credit statement is a crucial step in maintaining healthy financial well-being. Reviewing your credit card statement lets you detect discrepancies, errors, or unauthorised transactions that could harm your credit score. There are various online and offline methods to ensure you stay informed about your credit activity.
1. Online banking portal
Online banking portals have made accessing financial information, including credit card statements, easier than ever. Follow these procedures to access your credit card statement online:
- Log in to your Kotak online portal using your credentials, or sign up if you are a new user.
- Navigate to the credit card section to locate your statements.
- Choose the statement corresponding to the billing cycle you wish to assess, and then download your Kotak credit card statement.
- Once you have downloaded the credit card statement, thoroughly examine transactions for precision and make a note of the due date and minimum payment.
Must Read: Eligibility & Documents Required For Credit Card
2. Statement via net banking
To check your credit statement via net banking, you can follow the steps below:
- Log in to your Kotak net banking portal using your credentials.
- Select the credit card account for which you wish to view the statement from the "Accounts" section.
- Select the statement period for which you wish to view the statement by clicking on the "Statement" option.
- The statement will appear on the screen. You may download your Kotak credit card statement in PDF format if necessary.
What are the major components of a credit card statement?
A credit card statement has several essential components to help you understand your spending and payments. Some of the major components are:
1. Account summary
It offers a concise overview of your credit card account, presenting the total balance, the obligatory minimum payment, and the payment due date.
2. Transaction list
Within the statement, you will find a comprehensive record of all the credit card transactions you have made during the statement period. Each transaction has the transaction date, location of purchase, and expenditure amount.
3. Payment information
In this segment, you will find essential information about your repayment obligations to the credit card company. It encompasses the minimum amount due and the payment deadline. Meeting the minimum payment by the specified date helps avoid late fees.
4. Total balance
Your total balance encompasses charges, cash advances, fees, and interest. This amount represents your outstanding debt to the credit card provider.
5. Credit limit
Your credit limit determines the maximum amount you may spend on your credit card. Keeping track of this is essential so you do not overspend and stay within your limit.
6. Available credit
It is the remaining amount you can spend before reaching your credit limit. It is good to know the available limit to avoid overspending.
7. Fees & interest charges
Any supplementary fees, such as annual or late payment, are itemised here. If you have not repaid your balance, you might observe interest charges linked to maintaining a balance across months.
8. Rewards & benefits
If your credit card offers rewards, cashback, or other perks, a dedicated section may illustrate your accumulated reward points or any available special deals.
9. Due date
The due date is the deadline by which you must make at least the minimum payment to avoid late fees and potential negative impacts on your credit score.
10. Current outstanding balance
The meaning of current outstanding for a credit card is the total amount you owe on your credit card at the end of the billing cycle. It includes any unpaid balances from previous cycles, new transactions, and charges from the current cycle.
Must Read: What Is A Credit Card Billing Cycle?
Why is it Important to get a credit card statement?
Getting a credit card statement is important for managing your finances. Besides, this can help you in the following ways:
1. Transaction verification
A credit card statement lists all your transactions during the billing period. Reviewing these transactions helps you identify unauthorized or fraudulent charges, ensuring you only pay for legitimate expenses.
2. Dispute resolution
Having a record is crucial for dispute resolution if you encounter discrepancies or errors in your credit card statement. The statement acts as evidence to support your claims when communicating with your credit card issuer.
3. Managing payments
Your statement tells you how much money you owe the credit card company. Knowing the minimum payment and due date allows you to plan your finances better. Moreover, making timely payments helps avoid late fees and damage to your credit score.
4. Budgeting & planning
Understanding your credit card statement is like having a snapshot of your financial situation. It helps you budget for upcoming expenses, set savings goals, and make sure you're spending appropriately.
Conclusion
Understanding your Kotak's credit card statement, effectively managing outstanding balances, and consistently meeting payment deadlines are fundamental to upholding a robust financial standing. By bearing these aspects in mind, you empower yourself to sensibly steer your credit card utilisation and make well-informed choices that harmonise with your financial objectives. Furthermore, if you are searching for a credit card option, the Kotak811 credit card is worth considering. Notably, it provides a free annual fee credit card complemented by an array of bundled features.
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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