Tag Archive | “monthly credit card statement”

Managing Your Cards: Guide to Read Your Monthly Statements – Part 2

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In my previous post I have discussed few parts of your monthly credit card statement and here in this article I am explaining the rest of them.

Grace Period:

It is a common question that how long do we have to pay our bill in full before we are charged interest?

credit-card-statement

The answer to this question is that if a balance is carried by you then you usually don’t have a grace period, and on new purchases interest accrues immediately. There is also a lack of grace periods for cash advances and balance transfers. For details you can check your credit card agreement.

Minimum Payment:

The lowest amount you can pay on your bill is referred to as minimum payments. Usually it 2% to 2.5% of the balance, though for some credit cards it could be as high as 3% to 4%.

Due/Pay-by Date:

Due/Pay-by date is that date on which your payment has to be recorded in the credit card company’s computer. You should remember that it’s not the date when your bill has to be postmarked, or it’s not even that date when the payment arrives at the company’s office. Typically, the bill cycle comprises of 29 to 31 days, and usually the payment is due 20 to 30 days from the date when the bill was printed.

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