Tag Archive | “monthly statements”

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?

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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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Costs and Fees: Hefty Cost of Going Over the Limit

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In this article I have explained that what will be the consequences if you exceed from credit card limit.

What happens when I charge my credit card over the limit?

If you charge your card over the limit then you will be socked with a hefty penalty fee. Commonly the over-the-limit fees charged by card company is of $29 and $35.

I know a person who was charged a $25 late fee and $25 over-the-limit fee on a Capital One card having a limit of $300.

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It has been pointed out by the issuers that in the credit-card agreement fees are spelled out and credit limit, balance information and due dates are listed in the monthly statements. But still there are several people who are shocked by over-the-limit fees. In fact, most of the people don’t even know that there is any card’s over-the-limit penalty but they learn about that  after they get charged one.

When You’re Charged

There are two choices that credit card issuers have when a customer makes a purchase that exceeds a credit limit. They can either refuse the transaction or they may approve it and charge a fee.

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