Your credit card bill is not just a way to know how much you need to pay every month – it also has a lot of useful information to help you make decisions about how you should use your card and any possible fees you could be assessed. You will find the following information on each credit card statement:
Account summary: This is the up-to-date information on what you have going on with your card, based on the activity that took place in the most recent billing cycle. Through this section of your credit card bill, you will learn what your current balance is, what interest and other fees you have been charged, how much credit is available, and if there is a past due amount.
Payment information: This section includes the minimum payment that must be made by the due date. If this payment is not made on time, late fees will be assessed and your missed payment will be reported to credit bureaus, so it will impact your credit score.
Warnings: Your bill will include minimum payment and late payment warnings, which are disclosures that let you know what the ramifications will be if a payment is missed or if the minimum is not paid.
Interest: This part of your bill outlines what your annual percentage rate (APR) is and if there have been any changes to that rate. This allows you to see how much interest you are paying every month.
Fees: If you have been charged late or over-the-limit fees, as well as an annual fee or transaction fee, in any given billing period, they will be listed here.
Transactions: The details of the purchases you made will be listed here. It's important to check this part of your bill to make sure that no fraudulent charges have been made on your account, so you can dispute anything if necessary. You can also get information about balance transfers and cash advances here.
Rewards: If you have a rewards card, such as a card with cash back or travel points rewards, what you have earned for each month will be listed in this part of the bill.
Learn more about what is in your credit card's fine print.