Minggu, 07 April 2013

What is a credit card account?

A credit card account is the piece of paper that you receive after a credit billing cycle has expired. And often is sent once a month and contains a rundown of purchases made with the card within a particular billing cycle. In addition, purchases may also contain other elements, such as the amount you have to pay, interest incurred, cash advances, balance sheets, previous payments and so on.

Understand your credit statement

It is your responsibility as a cardholder to know and understand everything that is written on your credit statement. The billing reports can vary from one company to another, but the terms are often used. Below are some of the important elements that you should include in your monthly statement:

New charges-also written as “purchases” of some broadcasters, that the new accusations of education section contains information on purchases made within a given cycle. Here is where you will find your total debts for particular month.
Summary account-this includes your account number, your total credit limit and your credit limit available. This is also where you can find the statement date in which the invoice was issued.
-Payment summary this part contains information on required minimum payment that you must do if you can’t pay the full amount of the credit you are using. Also you can find here the previous payment you have made, as well as your due date for refund for that particular cycle.
Previous balance-define your balance if you didn’t pay full during the preceding month. Make sure it’s accurate to avoid paying more than you have to.
Payments or credits-this should contain the amount of money you have paid during the last billing period. This should also include the amount of the credit you received from purchases that are returned if there is.
New balance-is located in the section Summary of equilibrium, this indicates the total amount that you have to pay for the billing cycle. You can choose to pay in full or pay only the minimum required payment. Note that the choice of the latter involves interests automatically.
Upload-to finance this state taxes and interest charged to your account for the period. There are credit cards with a minimum charge. However, the lender cannot require you to pay for this amount if you don’t carry a balance.
The statement of claim can help you keep track of your monthly expenses and payments you have made to the Charter. Carefully review this document once you receive to make sure they are not over charged. Control can help you spot discrepancies and unauthorized use of your card.

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