by Vincent Maxwell

Created on: November 24, 2009

When it comes to the world of credit cards, some people run in fear. Their minds instantly go to hidden fees and high interest rates. So when the credit card statement arrives in the mail, it helps to know what it really says to stay ahead in the credit card game. All credit card statements are going to have the same basic information, but it is important to become familiar with the format your credit card company uses as it is not uncommon for them to sneak vital information on a statement from time to time.

Some of the basic key information to look for at first is the things you should already know. Find the total amount owed, find the due date, and become familiar with the rates and normal minimum amount due. If you see a figure that looks completely off, do not automatically go into panic mode. Most credit card companies have twenty four hour, seven days a week customer service. One common mistake made is that some credit card statements put the average interest paid for the month at the bottom, which is not the same as the actual interest rate of the card. Once you feel comfortable with understanding the interest and seeing how the charges and payments post, start to look at the other information listed. Some good things to know is when your cycle date closes, which is the last day billed on your statement. So if you bought a 300 dollar television and it is not on your current statement, do not get too excited it could have been purchased after the closing date.

In a world where technology is rapidly advancing, online banking is becoming more and more common. The beauty of seeing same day transactions post makes managing a credit card a lot easier. But keep in mind that credit card charges do not always post immediately, or even for the right amount at first. It is not uncommon for some companies to run the credit card transactions all at the same time once a week. It is a very useful tool to have access to your account in a single click, but it is very vital to still go through your paper statements. For example some credit card companies will notify you of anything from an increase of rate; to account closure just as an extra paragraph included on the paper statement.

As complex as the world of credit cards are, there is nothing that should stop you from fully understanding your statement. It is the only true way to stay on top of your credit card. If there is a figure or a change you do not understand, absolutely call the company. When it comes to your finances there is no such thing as asking a dumb question, it's only dumb not to ask.

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