{"id":2174,"date":"2023-01-31T06:15:37","date_gmt":"2023-01-31T11:15:37","guid":{"rendered":"https:\/\/www.greatcanadianrebates.ca\/finance-tools\/?p=2174"},"modified":"2023-02-07T06:20:46","modified_gmt":"2023-02-07T11:20:46","slug":"how-to-read-credit-card-statements","status":"publish","type":"post","link":"https:\/\/www.greatcanadianrebates.ca\/finance-tools\/2023\/01\/31\/how-to-read-credit-card-statements\/","title":{"rendered":"How to Read Credit Card Statements"},"content":{"rendered":"\n

Have you ever scratched your head trying to read your credit card statement? The counterintuitive layout and financial jargon are pretty intimidating\u2014yet it\u2019s vital <\/em>to understand the statement if you want to manage your spending and avoid being charged late fees.<\/p>\n\n\n\n

Lucky for you, we\u2019ve put together a short guide on how to read credit card statements so you can stay updated on your financial commitments. Let\u2019s dive in!<\/p>\n\n\n

\n
\"A<\/figure>\n<\/div>\n\n\n

<\/a><\/p>\n\n\n\n

Transaction History<\/h2>\n\n\n\n

The transaction history outlines every purchase and cash withdrawal you\u2019ve made during the current billing period (usually a month). Transactions are dated, and the merchant\u2019s name is provided along with the amount billed.<\/p>\n\n\n\n

It\u2019s vital to check the transaction history in your credit card statement periodically for suspicious and unauthorized transactions<\/a>. If you see these, report them to the bank immediately.<\/p>\n\n\n\n

Payments and Fees<\/h2>\n\n\n\n

The payments column shows how much you\u2019ve paid towards your credit card balance along with the payment method (e.g., via the bank app or on your laptop). On the other hand, the fees column primarily shows interest owed on late payments.<\/p>\n\n\n\n

If you aren\u2019t current with your payments, you\u2019ll notice late fees billed to your account. Additionally, if you\u2019ve travelled overseas and used your credit card for payments in a foreign currency, chances are you\u2019ll notice foreign exchange charges in the fees column.<\/p>\n\n\n\n

Account Summary<\/h2>\n\n\n\n

The account summary section tells you the current outstanding balance on your credit card. It also highlights the minimum payment you must make to keep you in good standing<\/a> as well as the due date for payments.<\/p>\n\n\n\n

While it\u2019s tempting to upkeep your card by paying the minimum payment, we recommend paying the outstanding balance in full whenever possible. It\u2019s also vital to stick to the deadline to avoid late fees that\u2019ll quickly rack up due to interest that compounds daily<\/a>.<\/p>\n\n\n

\n
\"A<\/figure>\n<\/div>\n\n\n

<\/a><\/p>\n\n\n\n

Tired of reading credit card statements that constantly remind you of being in the red? It\u2019s time to switch to some of the best rewards credit cards in Canada with the help of Great Canadian Rebates<\/a>!<\/p>\n\n\n\n

We provide exclusive GCR rebates on an array of cash back, reward, and travel credit cards<\/a> by renowned financial institutions like AMEX and Scotia. We also offer detailed information<\/a> on how you\u2019ll be paid by signing up<\/a> for a GCR membership.<\/p>\n\n\n\n

Visit<\/a> our website to learn more about the top cash back credit cards in Canada and more.<\/p>\n","protected":false},"excerpt":{"rendered":"

Have you ever scratched your head trying to read your credit card statement? The counterintuitive layout and financial jargon are pretty intimidating\u2014yet it\u2019s vital to understand the statement if you want to manage your spending and avoid being charged late fees. Lucky for you, we\u2019ve put together a short guide on how to read credit […]<\/p>\n","protected":false},"author":4,"featured_media":2177,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-2174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards"],"yoast_head":"\nHow to Read Credit Card Statements -<\/title>\n<meta name=\"description\" content=\"With our short guide on how to read credit card statements, you\u2019ll be tracking your spending and avoiding unexpected fees in no time. 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