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The associated due date should also be stated. The exact minimum payment the cardholder is required for that month should be indicated. The duration can be three years or as per the company policy. Monthly minimum payments are determined by estimating how long the cardholder would take to pay other the total balance based on their earnings. The exact amount should be indicated in figures and words and must be given in the appropriate currency. The total balance is inclusive of all transaction expenses, outstanding balance, applicable fees, and interest. New total balanceĪ billing statement has to declare the total amount the cardholders owe to the credit card company. The percentage interest should be declared and the total interest amount charged. The document is required to state the interest charged on the outstanding balance and cash advances. Any late payment fees should also be included in this section. The exact fee should be stated, and the appropriate monetary unit provided. The statement should also indicate the applicable fees, such as withdrawal fees and transaction fees. Cash advances are known for their high-interest rates and fees but are convenient to cardholders are they are quick to obtain. The statement should state the total amount withdrawn by the cardholder during the specified period. Cash advancesĪ cash advance is a short-term loan issued to credit holders by the credit card company, and the cardholders can withdraw cash that amounts to the loan limit through an ATM or bank. The billing statement should provide a section to indicate the amount transferred. Balance transfers are made so as to save on interest as the credit card holders pay off the debt. Balance transfersĪ balance transfer is made when a credit card holder conveys a credit card balance to a new card issued by a different company that has lower or no interest for a given period. The amount should be given in figures and must show the appropriate currency used. The exact total amount of all the transactions made by the credit holder should also be indicated. Each category should be described using the transaction date, merchant name, and transaction amount. At the beginning of each category, a summary of the applicable interest rates is given. The transactions are given in categories. This section will typically be the largest in a statement. The billing statement should have a section to list all the transactions completed by the cardholder for the month for which they are being billed. It should be indicated with the exact figure and appropriate currency. This value is typically the previous month’s closing balance. The previous balance on the credit card or account should be indicated in the statement. However, this information will usually be captured in several basic components of a billing statement.
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Specifics of each statement will be different and unique to the cardholder’s activity for the specified duration. The billing statement should be accurate to match the exact expenditure of the customers.Ī billing statement is segmented into different sections or categories to accommodate all the necessary information. The basic information that should be input in a billing statement includes a summary of the account transactions, interest fees, total amount owed, the minimum payment required and associated due date, and the account’s closing balance. The billing statement can be paper-based or electronic depending on the situation and efficiency of the method in relaying information to customers. This way, they are able to impose the necessary penalties and late fees. A billing statement is an important document for tracking the credit card usage of each credit cardholder.Ĭredit card companies also use the document to identify cardholders who are behind on their monthly payments. Credit card companies use billing statements to provide their customers with a monthly breakdown of their expenditures and demand the minimum monthly amount they are required to pay to make sure their credit card remains valid. Therefore, the credit card company has to issue a billing statement. The statement is generated on the first week of every month for all credit card holders marking the end of a billing cycle.īilling is essential in every transaction where payments with a deadline have to be made. Ssn card front and back template.A Billing Statement is a monthly report and bill of a credit card holder’s account activity for the past month and the monthly minimum payment due.