Keeping a proper track on your credit card statement will not only help the card holders estimate their available credit limit but also keep an eye on their online payments. The discovery of the internet has helped the consumers keep track of their transactions by keeping their online credit card accounts updated.
A credit statement is a monthly report of your transactions which keeps an account of where the card has been utilized. The issuer will either send the statement to their customers via a hard copy or soft copy, making a credit card statement a mandate for consumers to follow up.
The digitization of India has made 6 crore people in the rural sector digitally literate, making 40% of the rural households technologically aware. A recent 27% growth in digital transactions has been noted in 2019 with 48.9 million units of credit cards in circulation. The consumers must know how to keep track of their credit statements and keep their online payments in check.
1. Pay attention to your credit card statement
Consumers should keep in mind that every credit card statement contains details like your billing cycle, merchant name (both online and offline), transaction amount, date and time of payment, etc. These details educate consumers about when the transactions have been made, making it easier to keep a track of their credit card payments.
Credit statements safeguard disputes, one can easily find the faults on their updated statements within a short span of time. Usually, it takes 1 to 3 days in case of online purchases.
A possible track of your credit declaration will help you keep an eye on your maximum credit limit for the month. Regular expense on online purchases will help you increase your credit limit as well. Limiting your monthly expenses will not only ease your statement limit but also make it worth the check.
2.Avail online options
Cardholders can register their email id on their respective financial institutions, from which they will receive a soft copy of their monthly statement. Consumers can install one of the mobile banking applications to live track their payment data and take necessary steps to improve their credit limit for future purchases. It all helps repay the due amount of online purchases.
Waiting for a tangible credit card statement may prove inconvenient for a lot of cardholders. The statement arriving after a fixed date can halt further consumer decisions. To tackle that, you can simply log in to your credit card account and track your credit card statement anytime.
3. Transaction history
In case a consumer deletes the soft copy of his/her card statement and misplaces his/her hard copy, one can simply use internet banking procedures to check their details. Alternatively, users can also use mobile applications to go through their credit card details. One such card is the RBL credit card.
They also come with pre-approved offers that make availing credit cards easier and quicker. The offers are valid on home loans, personal loans, etc. apart from credit cards. Simply enter your name and mobile number to check your pre-approved offer.
An online credit card statement contains the transaction number, the organisation name and the amount that can be traced back to the merchant involved in the agreement at that period of time. So keeping a track on their previous credit statements will make them more aware and responsible in the future.
