Credit Card Monthly Statement
Every month you get a statement from your credit
card company. It is chock full of information
and it is a good idea to go over them carefully
every month to look for errors or increases in
your rates. The 5 main items are 1) your balance
last month, 2) what you bought this month, 3)
what you paid or were credited this month, 4)
what your ending balance is, and 5) what your
minimum payment is for this month.
- Previous Balance
The amount you owed at the end of last month.
What you bought and charged on the card during
The amount you paid against last months balance.
Any amount refunded to your card from merchants
or the card company for any number of reasons
- Finance charge
The amount of interest charged this period.
- Late charges
Any penalties for late or missed payments.
- Minimum amount due
The amount you must pay prior to the due date
(always pay more than this )
- Payment Due Date
The date your payment must be received to avoid
- Average Daily Balance
The total of the month’s balance divided
by the number of days in the billing cycle.
Frequently used as a basis for finance charges
- Closing Date
The last day of the billing period.
- Credit Line
The total amount your card holder says you can
- Cash Advance Limit
The amount of cash you can borrow off your card
- New balance
the amount you owe as of the new statement
- Available Credit Line
the amount that was available at the beginning
of the new billing period
- Available Cash Limit
The most cash you could have borrowed at the
beginning of the billing period