Understanding your credit card statement

 

Your credit card statement can be confusing to read and understand. Read our guide on what to look out for with your credit card statements. 

 

 

Keeping track of your spending is a great way to make sure you always know how much available cash you have. The best way to keep on top of your spending is by paying attention to your credit card statement. Here we’ll go into detail on your credit card statement, how long to keep your statements for and what to look out for.

 

What is a credit card statement?

Put simply your credit card statement is a summary of all the activity on your card. This means it includes your current credit card balance, a breakdown of all the transactions on your card and details of how to make a payment to your credit card.

 

A credit card statement is usually accessed via email or online banking. You can also opt to receive a copy in the post. You normally get this around a month before your minimum payment is due, it details how much you need to pay and when you need to pay by.

 

What to look for on your credit card statement

There is a lot of information shown on a typical credit card statement. Here we’ll break down what is usually shown, so you have a better understanding of how statements work.

 

A credit card statement will show:

  • Your credit card balance
    This is how much you owe on your credit card. If you made a payment, since the date the statement was printed, this may not be an updated figure. Some statements will show an ‘outstanding balance’ which details any balance amount unpaid from your last statement.
  • Credit limit
    Your credit card statement will show your credit limit which is the maximum credit available to you.
  • Interest
    Most credit card statements will show a figure for ‘interest charged’ showing how much interest in cash terms, you have been charged on your statement balance. Interest may also show as a transaction against the date it was charged to your card.
  • Minimum amount due
    This is the lowest amount you can pay towards your credit card statement balance to avoid any fees or charges. It is based on your interest rate and your current balance.
  • Payment due date
    This is the date that your minimum payment is due by. If you aren’t able to pay by this date, it’s a good idea to contact your credit card provider to let them know. If they don’t receive your payment you may be charged a late payment fee.
  • Statement of transactions
    The main part of your statement is your transactions. This section will show all your credit card purchases, any payments you have made to your credit card statement balance, as well as any interest and fees that have been charged. Everything on the statement will be dated so you can see when payments or transactions were made. Purchases will show the amount and the retailer where used your card.
  • Fees and charges
    You might find that a section of your statement details any fees or charges on your account. This could be specific transaction fees like using your card abroad, or it could be late payment fees.

Your Vanquis credit card statement explained

Our Vanquis credit card statements show you your credit card account information. This includes all payments and transactions, your current balance and how much your minimum payment is.

 

Here’s what to look out for:

 

Payment information

The box at the top of your statement shows the minimum payment amount that is due on your credit card. It will also include any missed payments and show when the minimum amount is due.

 

Your account summary

  • What the balance was when the statement was produced (Statement Balance.)
  • Your overall credit limit.
  • How much of your credit limit you can spend.
  • Any ‘over limit’ amount. If you have gone over your credit limit, this amount will show here.

Payments received

We will show any payments received here (or this will show if we have not received a payment from you).

 

Next month’s estimated interest

If you have interest to be added to next month’s statement, this will show on your statement.

 

Transactions

All the transactions on your credit card will show in this section. This includes any purchases which will show the amount and retailer. Other transactions like interest being charged or fees we have taken will show here. All transactions are in date order so you can see when these have been taken.

 

Your interest rates

We break down any specific interest rates charged on your account. This could be interest charged on purchases, cash withdrawals or other transactions like a balance transfer.

 

Useful information

All Vanquis statements have information about our credit card accounts. These aren’t related to your credit card specifically but contain useful details about the different fees you might see on your card and how interest is calculated. This section also shows what to do if you spot something incorrect on your statement and how to get in touch with us.

 

Getting your Vanquis credit card statement

Typically we will send your statement around 3-4 weeks before your minimum payment is due.

 

By default we will generate printed statements and send these to you through the post but if you prefer you can opt to receive electronic statements from us via email.

 

Your statements are also available to download in the Vanquis Bank App, on Online Banking or you can request a statement by calling us.