Credit using cards is one of the most widespread banking services today. Clients use credit cards so often that up to hundreds of different transactions are carried out on one card every month. Meanwhile, controlling the turnover on the card is not only desirable, but also very useful for optimizing your spending and timely payments on the loan.
Borrowers who have received a credit card are usually enthusiastic about spending the loan funds at their disposal. However, after a while, most of them have a question: "How to understand for what purposes the money was spent, and how much do I owe the bank now?" You can answer it by receiving and analyzing your credit card statement.
What can the extract tell about?
Certain accounts are tied to each credit card, which accumulates information about all operations performed with its help, as well as information about commissions debited by the payment system or the bank. A card account statement is a very important document for any borrower. But not everyone knows how to read it. Meanwhile, the bank statement contains a lot of interesting and useful information, for example;
- the current balance on the card;
- the amount of debit and credit turnovers for a certain period;
- available and credit card limits;
- the amount of outstanding and overdue debt;
- the amount of the minimum payment;
- the deadline for the receipt of funds on the card to pay off the debt.
Extracts are short and extended. It is clear that a brief statement contains a minimum of information, allowing the borrower to find out the current state of the account and the turnover on it for a certain period, for example, a week, or information about the last 5-10 transactions. An extended statement includes a lot of information, reflecting not only information about payments, but also information regarding the balance of the debt and the timing of its repayment.
Where can I get an extract and how to understand it?
Banks, as a rule, generate statements for each day during which any transactions were carried out on the card account. Upon request, the bank will provide an extract for any period specified by you. You can receive a statement electronically, for example, via Internet banking or to the email address specified by the cardholder. A mini-card statement can be taken from an ATM, and for an extended statement on paper you will have to go to the office of a credit institution.
It should be noted that there is always a difference between the statements issued by the ATM and those issued by the bank's specialist. The bank statement reflects only transactions that have passed through the processing center. The bank receives information about the transactions carried out 1-2 times a day, so information about the latest transactions is included in the statement only after the transactions are unloaded from the file sent by the processing center. This is how the difference in turnover for the statement arises.
