Paying a credit card bill on time helps account-holders avoid numerous problems. Late payments often lead to fines and increased interest rates. A credit score may drop, too. So, determining the due date and minimum payment amount proves advisable. Knowing this information requires reviewing the bill. Here are a few tips for those not sure how to find their monthly bill.
Requesting a Copy in the Mail
Credit card companies provide an option to opt out of direct mailings. Account-holders who don’t want any paper to pile up or worry about identity theft might choose to cancel mailings. However, receiving a billing statement in the mail may be better for those who want a hard copy they can review.
Reviewing the Statement Online
Of course, it is also possible to look at the statement online. Creating an account with the credit card company’s website and logging in should reveal all. Often, in addition to the displayed webpage, users have the opportunity to download a PDF version. The user could print out the PDF or read it on the screen. the PDF is usually an unaltered copy of the billing statement that would arrive in the mail
Opt for an App
An app may serve the same purpose as the private section of a website, although apps could be better designed and more user-friendly. Expect to employ the same username and password on the app as on the website. Installing an app on a smartphone takes little effort, and a decent layout could make reading the bill fairly easy.
Statement Balance
Many will wisely check out the statement balance when looking at a bill. Knowing what you owe is important, and so is understanding the other items on the statement. As per the experts at SoFi, “The statement balance includes all transactions during a designated billing period, called a billing cycle.” So, if the billing cycle runs from the fifth through the fifth of July, the statement amount reflects the total charges and payments made through that period. So, what is the difference between this and the current balance?
Current Balance
The current balance reflects the exact amount when the account holder logs into the system or calls the credit card company on the phone. Consider the current balance an up-to-date reflection of the balance after completed transactions. Be mindful that completed transactions don’t refer to pending transactions. Pending transactions refer to credits and debits yet to post. Once they post, an update to the current balance occurs.
Reviewing the Bill
The billing statement presents more than how much someone owes. Various other details may appear on the document, including interest paid for the year, rewards points, and detailed transactions. Reviewing the transactions is necessary because doing so could help the account holder catch any unauthorized charges. The sooner someone discovers any illegal activity, the faster the person can take action to address the matter.
There are several ways to review a credit card’s billing statement through snail mail or online access. Reviewing the billing statement allows for uncovering essential information about balances and charges.
