How to read a statement
The below lists the key things you need to know to read your credit card statement.
- Statement Overview. An overview of your statement including the statement period, closing balance and minimum payment amount.
- The Due Date. You need to ensure you have met the minimum payment amount listed by this date to avoid additional interest, fees and charges. Details on how to pay are listed further below. This section will also show any overdue amounts which must be made immediately if you failed to meet the minimum payment on a previous statement.
- Account Details. Information about your credit card including your approved credit limit. The credit limit is the maximum amount you can spend on your credit card, including purchases and cash advances.
- Minimum Repayment Warning. This section explains how long it will take you to pay off your outstanding balance including any interest charges. The table compares the time it would take to pay off your balance by paying only the minimum payment to the amount required to pay off in 2 years, including how much it could save you.
- How to pay. All the options available to make your credit card payments are listed here.
- Account Summary. Where your opening and closing balances are displayed. This summary provides an overview of the total credits and debits on your credit card for the statement period.
- Interest Rates. This section shows the interest rates applicable to your account throughout the statement period for each transaction type. It also breaks it down to a daily rate.
- Your Transactions. This section contains an itemised list of all transactions made during the statement period.
Other things to look out for. You may also find messages from us on your statement from time to time to tell you about important changes to your credit card, such as changes to interest rates.