For those you are not familiar with the term credit card statement, it is a summary of how someone has utilized their credit card for a billing period. It is quite a difficult task to understand the information provided in the statement as they are loaded with numbers, terms, and percentages.
These figures play a vital role in the process of evaluating your total credit card balance. If you want to be a responsible credit card user, then you must understand every bit of information provided in the statement.
However, if you fail to do that, you might end up with added credit card debt, which can be a bit of trouble for you. In addition to that, it is advised to carefully inspect your statement to detect any unauthorized charges or billing glitches. You can surely fix them if you are able to spot them and report them on time.
One of the most popular banks in India, Axis Bank provides a variety of Credit Cards for you that you can choose according to your requirements. Also, you will be able to enjoy unique offers, rewards, and unmatched privileges, depending upon the card you choose. From Axis eDGE reward points to Flipkart gift vouchers, you can obtain a plethora of awards with the help of your Axis Bank Credit Card.
Why you should inspect your credit card statement every month:
- You will be able to spot if someone else is misusing your credit card or if anyone is charging you more than the billing amount. For example, if you pay using your credit card at the petrol pump, you usually tend to ignore the bill amount and just insert the pin and leave.
- You can keep a note of how much you are spending on a monthly basis and can control the expenses.
- You can spot any technical error and file a report to resolve it.
- It might happen that you have requested for a cancellation of a subscription and that still charges money from your car. Credit card statements will help you to spot them.
Before you check your statement, you should know how to obtain one. There are many ways from which you can get your Axis bank credit card statement according to your convenience.
Here are some of the ways through which you can get your Axis bank credit card statement:
- You can register for an e-statement of your credit card through internet banking. You just have to log in to your internet banking account and update your email ID to get registered for a credit card statement.
- You can also visit the Axis bank website and go to the E-Statement Registration page.
- You can get your statement by sending an SMS. The format that should be followed is ‘GREEN’ to 5676782.
- You can place a call on the Axis Bank’s customer care to request a monthly e-statement.
- Lastly, you can register for credit card statement by visiting your nearby Axis bank branch.
Now that you have an idea of how to get the credit card statement, let us discuss the terms and figures that are seen on the statement.
Payment information: This shows your total new payment, the date of payment and the least amount you should pay. If you have submitted the payment by 5 p.m. on the day it is due, then only the payment is considered on time. However, if on the due date, mailed payment is not accepted, then it can be counted on time if it reaches by 5. p.m. on the succeeding business day.
Summary of account activity: It shows you the entire summary of all the transactions made through your account, which includes your credits, payments, purchases, cash advances, balance transfers, fees, amounts past due and interest charges. You can also find the available credit, last date of billing and new balance.
Late payment warning: It will show you the higher interest rate that can be applied if you fail to pay on time.
Change in interest rates: If you fail to pay on time, then a penalty is charged, which increases the interest rate, and this section will show you that. Moreover, the same can be notified by the credit card company.
Minimum payment warning: This section shows the least amount that is expected to be paid prior to the payment due date.
Credit limit: This will show the maximum limit to which your total amount is extended by the credit card issuer.
Interest charge estimate: You can find the report of the interest rates that are applied on the account balances and different types of transactions.
If you find it difficult to read a credit card statement, then you can take the reference from the above-mentioned terms that can be found on a credit card statement.
These are very crucial data that can be very helpful for you to understand every bit of your credit card. In the majority of the cases, there is no error found in the statements. However, if you spot an error or mistake on your credit card statement, then it is recommended that you get it sorted from your bank before paying the bill.
In order to rectify the error, you should fill the Cardholder Dispute Form (CDF) and should either send it by mail or visit your nearby Axis bank branch to submit it. It can take up to 120 days to solve the dispute, and once it is done, you will receive the confirmation from the bank.