A credit card statement is a report offered by banks and financial institutions periodically showing the transactions done through the credit card by user within a particular time frame so that user can keep the track on monthly expenditures. The report also informs the user about other relevant information regarding credit card for stipulated billing cycle such as due balance etc. This service has been made for the card holders to make sure that they don’t go beyond their budget for disbursing and it has been started to increase the popularity of credit cards.
To keep a track on expenditures through credit card statement of single card or multiple cards, a user need to know about content of Credit card statement and understand the terminology as almost every credit card statement has same layout.
So here are the major features of the statement for you to understand:
Credit Card number: It’s the sixteen digit number that is present on the card and is required to pay credit card bills through cheque. This number should always always be noted down somewhere so that in case of theft or fraud, immediate complaint could be reported with the HDFC to block it from further usage without going for HDFC credit card login to get the number.
Credit Limit : It is the maximum amount that HDFC allows the user to borrow which is set on the basis of income,profile and credit score of the user.If the limit get exceeded,bank will charge an overdrawn fee which would be in fixed percentage of the amount spent over the limit with respect to minimum and maximum amount.
Available Credit Limit: It is the difference between the credit limit and the amount that has been spent. For eg: If the credit limit is Rs.50,000/- and the amount spent is Rs10,000/- then available credit limit will Rs40,000/-.
Payment due date: The date at which the payment should get realized by HDFC bank.Often users consider it as the last day for payment of dues but it is the last day for the bank to receive the payment beyond which if the payment get received,it shall be considered late.So payment due date might be the last date of payment for the user who is paying online through IMPS where the amount usually gets credit on the same day but not for the person who is paying through cheque.
Statement date: Statement date is the one on which purchase has been made by user and used to calculate the interest amount if the complete outstanding amount has not been paid by user till the payment due date.
Cash advance/Cash limit: Sometimes for emergency situations, banks like HDFC allows user to withdraw cash from ATM which is not as per credit limit, rather a new limit is there, which is known as cash limit where a user can withdraw 30% amount of the credit limit.The cash advance that would be withdrawn, will be charged one time transaction fee at 2.5-3% of the amount withdrawn along with interest charges will also be there.Interest rates for cash withdrawal are high as compare to the purchases made by credit card.
Total Amount due: is the cumulative amount including interest and overdrawn charges which is to be paid to Credit card company.
Minimum Amount due: HDFC fixes a minimum amount for its customers to pay which is some percentage of the total amount due which remains between 5-20%.If the customers doesn’t pay this amount before the payment due date, it is considered as late payment on which certain fee is levied. In this case rest of the amount get forwarded to next billing cycle and a user can’t enjoy the leverage of some interest free days where the interest starts on the day of fresh purchase because here interest will continue till the whole amount will not get paid.The other disadvantage of this service is that even if you pay the minimum amount the interest get charged on the whole amount.
Transaction details: All the bill payments or purchase of goods and services done through HDFC credit card will be shown in transaction details.In addition to this any charges or additional fee imposed by HDFC will also be listed there.
Reward points: Summary of the points that has been gathered in card till date which will give details on opening balance,closingbalance,points earned, redeemed and the remaining points.Every bank has different methods of redemption and the points can be redeemed as per the need.
If there has been any past dues,that will also be mentioned.
To manage the cash flow in a better way and protect themselves from any kind of fraud, users need to go through details of HDFC credit card statement carefully.
Credit card statements can be availed online as well as offline as per the convenience of user.
Here are the simple steps that a user need to follow.
Use HDFC netbanking login service and enter your user id and password.
Select “View/download account statement” option present on the left navigation tab.
Enter the credit card number and the date for which statement is required.
Click the “view” button.
Enter the user id and password.
Select “statement on email” option under request section of account tab.
Choose between office or residence.
On the basis of selected option,inserted email id will be displayed on screen.
Select “Continue” and then “Confirm”.
After the e-mail id will get registered,confirmation message will be send.
If the user doesn’t use online service, he or she can visit the nearby HDFC branch and request for the same by filling the required forms.OR
Calling customer care to register for email statement is another option.
Sometimes when the amount get falsely debited from credit card or due to any other reason when error get reflect in the statement,there are two ways to rectify it:
Reporting to the bank about mistake and asking them to correct it.
Talk to the merchant through whom you was making the purchase,so that problem may get resolved at the time of occurrence.
Prepare paperwork for proof and write to your creditor within 60 days of receiving statement.Send it through a certified mail so that you may get receipt, when it get arrived at headquarters.
No, once the user will register for email statement, sending hard copies by the bank will be discontinued.