As the name suggests here in this article we will be getting to know about the basics of a credit card bill, what information does it convey to the credit card owner and a little explanation about the information display pattern in a credit card bill and their respective interpretation.
What is a Credit Card Bill
Credit Card Bill is a periodic statement, monthly in most cases that a credit card company sends to its consumers via:
- Email &
- In Paper via Post
It tells them :
- Itemised details about their transactions that they have made in the respective billing cycle with the respective credit card, whose bill they have received
- Total Amount due
- Payment Due Date, post which mentioned interest would be levied
- Current reward points in their wallet
- Available Methods of payment to clear the dues
- Billing Address
- Customer Care Number (in case of a dispute) &
- Many other details that are relevant to keep the consumer cum credit card owner informed
Itemised details of the credit card transactions occupy a significant amount of area in the credit card bill statement. In most cases, credit card companies provide a detailed summary of interest rates applicable to the transaction category when the transaction report begins. It then displays each and every transaction during the billing period. Itemised details include:
Detailed information about:
- Charge including the transaction date
- Post date
- Merchant name
- Transaction Amount
It also tells the card owner the time, he/she has to clear the dues. These days credit card issuers have dedicated apps to serve this purpose and they also send informative texts and emails to the card owners registered email address and mobile number, in order to minimise chances of unwilling payment defaults on part of card owners, due to the delay in information conveyance.
To conclude, Credit Card Bill is a legal document (whose terms and conditions are binding on both the credit card company and the credit card owner) that informs or tells the respective owner about his/her dues pending to be cleared within the mentioned due date or deadline.