Credit card statement

Your statement is your guide to your credit card. It tells you everything you need to know about your account since your last statement, the total amount you owe, any interest owing on what you’ve borrowed and the minimum repayment you have to make that month.
Here we detail some of the common features and terms included on a standard credit card statement. If you require any further explanation about the information contained on your credit card statement or spot any suspicious transactions, please be sure to read the ‘getting help’

Outstanding balance

The outstanding balance tells you how much you owe in total.

Minimum repayment

Most companies insist you make a minimum repayment each month if you owe money. If you only ever make the minimum repayment it will take you longer to pay off your debt and will cost you more – it’s not recommended.

Payment date

This tells you the date by which your payment must be received by your credit card company. It will need to be sent a specific number of working days in advance of the payment due date, depending on what repayment method you use. Your statement will advise you how soon in advance of the payment due date your payment needs to be sent. If you don’t pay at least the minimum amount requested you may incur charges and damage your credit rating.

Your card’s APR

The APR (Annual Percentage Rate) gives you a measure of the total cost of borrowing on your credit card over a year. It can be a good way to compare the prices of different credit cards as generally the lower the APR the less interest you will have to pay.

Interest rates, fees & charges

This shows you the interest rates for different types of borrowing. For example, the interest rate for purchases in a shop may be different from the cost of getting cash out of a cash machine

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