How to Check Credit Card Statement and Pay Credit Card Bill?
A credit card is a financial tool that allows a borrower to use avail finances as a credit and return it after a set period along with the interest as per terms. After each billing cycle, the lender issues a report specifying all the transactions that you made. This report is known as a credit card statement.
Credit card statements are important to track your expenses and to maintain your credit card accounts. Regular checking of the statements reduces any chance of billing discrepancies or errors as well as any fraudulent activities on your credit card account. Moreover, keeping track on your expenses via the statements also helps you streamline your credit usage and earn the maximum benefits from your credit card.
How to check credit card statements?
You will receive a credit card statement either by post or online. Thanks to the popularity of online financing, financial institutions can send you a credit card statement via email which you will receive instantly.
To avail this service, you will have to sign-up for e-statements services at the website of your credit card provider. You will have to log in to your account and provide the necessary details like verification and identity. After it is complete, you will start receiving the monthly statement in your email mailbox.
You can also check a statement at a customer portal. Various financial institutions have their own portal where you can log in anytime to check your monthly credit card expenses. For verification purposes, you might have to enter your card details.
What are the things you should check on a statement?
Upon receiving a credit card statement, you should check the following details –
- Available balance from last billing cycle.
- Minimum due payment.
- Due date for your credit card payment.
- Whether there is any late fee or not.
- A summary of all the debits made to your accounts.
- The breakdown of all types of balance on your account along with its interest charge.
- Available credit.
- The total amount of interest and fees paid.
- Reward points accumulated and redeemed.
Every credit card statement will include a minimum payment disclosure. It is a detail that shows how long it will take to pay its balance if you make only the minimum payments. This information can prove helpful to determine the best way to pay off your credit card balance.
You will keep receiving a credit card statement until you pay off its balance. Even if you have closed that card, you can pay off its balance regularly, which will generate a statement.
How to pay credit card bill?
There are various ways of paying credit card bills. You can pay the due with a cheque, which will have to be submitted to the financial institution that holds your savings or current account. They will process the cheque and pay the amount to the payee.
You can also opt for faster options that use various online payment methods. Let’s take a look –
- NEFT – National Electronic Fund Transfer or NEFT is a payment system that allows you to transfer funds throughout the country electronically. If you want to pay your credit card bill via NEFT, you will require the following details –
Payee account number
You will find all these details in your credit card statement.
- Mobile application – Various financial institutions also have their own mobile app that you can use to pay outstanding credit card bills. For example, if you use Bajaj Finserv RBL Bank SuperCard, then you can use the RBL MyCard App that facilitates you with RBL Credit Card bill payment. This app also allows you to manage your credit account instantly from anywhere.
Bajaj Finserv brings a host of industry-first features with their SuperCard. It combines the benefits of a credit card, a loan card, a cash card, and an EMI card – all in one. Bajaj Finserv also provides pre-approved offers for credit cards, personal loans, home loans, business loans, along with a range of other financial products and services. These offers simplify the process of availing financing and help the borrower save time.
You only have to provide some necessary details online to check your pre-approved offer.
- NACH – If you want to automate the payment process, you can use the NACH (National Automated Clearing House) facility. You will have to link your existing account with the lender through NACH. It requires you to fill and submit a form.
How to Check Credit Card Statement and pay outstanding bills?
Thanks to modern-day integration of technology, checking credit card statements and paying its bill have become a reasonably simple process. The instant availability through mobile banking apps also helps reduce any chance of a fault or a duplicitous activity.