As per record, transactions made through credit cards in India saw a 30% rise between the financial years of 2017-2018 to 2018-2019. Also, pay your credit card bills, cardholders reportedly spent around Rs.6 lakh crore through their credit cards.
Regardless, it must be noted that credit card statements are susceptible to errors and can impact the total outstanding significantly. Further, the slightest delay in clearing credit card dues can cause havoc to one’s credit ratings. Therefore, as a means to avoid such risks, cardholders must review their RBL credit card statement frequently and make it a point to clear their dues at a favourable time.
To understand both in details, check out these following pointers –
Things to check in a credit card statement
- Statement date and payment due date
These two dates are among the most vital details in every credit card statement. The former, i.e. statement date, is the day on which the credit card bill is generated. While the latter highlights the date by which the dues are expected to be paid. In the event of late repayment, the statement date is the first day from whence interest on the due amount is calculated.
- Grace period
A fair idea of the grace period would motivate credit cardholders to repay their bills before it starts accruing interest.
- Details of transactions
This is a vital aspect of an RBL credit card statement. It not only helps figure out the areas individuals tend to spend more but also helps manage the same eventually. Further, it offers a fair record of cash advances availed during a month and helps identify transactional errors effectively.
- The total due amount and unused credit
If a credit cardholder does not know their total due amount, they would not be able to clear it in the first place. They would have to keep track of each of their transactions and would have to calculate it accordingly. Likewise, the unused credit informs of the cardholders the remaining cash they can access through their credit card.
- Reward points and its expiry
Most credit cards like the Bajaj Finserv RBL Bank SuperCard extend exciting reward points on specific transactions. Subsequently, cardholders can keep checking the rewards points they have accumulated during the billing cycle.
- Minimum due
Having a fair idea of this amount helps understand the minimum amount one can repay to reduce the subsequent interest burden on non-payment. Nonetheless, it must be noted the remaining due amount would be carried forward to the next billing cycle.
Once you inculcate the habit to check these points in your RBL credit card statement, you would learn how to read your credit card statement correctly. Additionally, it would help you identify transaction errors pertaining to a billing cycle. In turn, it would facilitate the process of rectifying it at the earliest.
Best time to pay credit card bills
One of the potent tricks to repay your credit card debt effectively is to figure out the best time to pay your credit card bills. To elaborate, those who intend to save on credit card interest rates and default fees should make it a point to clear their credit card dues on time.
Consequently, another way of lowering the interest burden of a billing cycle is by repaying at least a portion of the credit card dues. However, credit cardholders who are on the lookout to improve their CIBIL score should repay their dues before the statement closing day.
Regardless, in a general sense, it is recommended to repay credit card dues as soon as the card’s credit utilization below 60%. As it is said to enhance not only one’s CIBIL ratings but further enable them to reduce burden significantly.
Therefore, individuals should prioritize the payment of their credit card bills accordingly. Additionally, they should review their RBL credit card statement carefully to pinpoint transactional errors and to plan their finances efficiently.