How to read a credit card statement

It’s important to understand how to read your credit card statement if you want to keep track of your credit card spending, make timely payments and flag any errors. As most credit card providers use a similar layout on their credit card statements, you can use this guide to understand how your credit card statement works and what you need to pay attention to.

Key features on your credit card statement

We’ve outlined the major features of your credit card statement.

1. Account information. This usually covers your account number or the last four digits of your credit card and your closing date.
2. Account summary. This is the summary of your payments, credits, purchases, balance transfers, cash advances, fees and interest. You can also find information about your credit line.
3. Payment information. This section lists all payments you must make to avoid fees and interest. This includes your balance, your minimum payment and the due date.
4. Transactions. Here you’ll find all of your transactions, payments and interest charges ordered by date.

Depending on your credit card perks, you can have additional features on your credit card statement, such as:

• FICO score. This can be helpful if you’re trying to build or improve your credit.
• Rewards. If your card is a member of a reward program, this section will help you find all points or miles you managed to earn during the statement period.

How to manage errors on your credit card statement

While your credit card statement should usually be accurate, there are some instances where you might spot an error. If these errors go unreported, they could have a negative impact on your credit history and reduce your likelihood of approval when applying for future loans. This is why it’s so important to keep an eye on your credit card statement.

If you do spot an error on your credit card statement, it’s wise to get in contact with your card provider to report and resolve the issue. If you do this soon enough, the errors might not even make it to your credit file. The simple steps you can follow to report and fix an error on your statement include:

1. If you spot a purchase you’ve not made, contact your card provider immediately.
2. In some instances, the responsibility to prove you’ve not made the purchase is on you, so make sure you have the relevant receipts and evidence on hand.
3. If you feel you’ve been a victim of identity theft or if your card has been used for fraudulent transactions, you should also contact the police as well as your provider.
4. If any such errors make it to your credit report, you’ll have to contact credit reporting bodies such as Experian, TransUnion or Equifax individually to order a copy of your credit report. You can then get in touch with a credit repair agency to help clean up your credit report.

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Name	Product	Welcome Offer	Rewards	Annual fee	Filter values
Capital One Quicksilver Cash Rewards Credit Card		$200 cash bonus after you spend $500 on purchases within 3 months from account opening	Earn unlimited 1.5% cash back on every purchase, every day and % cash back on hotels and rental cars booked through Capital One Travel (terms apply)	$0		More than an unlimited 1.5% cash back card: you'll also earn % cash back on hotels and rental cars booked through Capital One Travel (terms apply).	Apply now View details	Compare	loading Fetching your data...
Capital One SavorOne Cash Rewards Credit Card		Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening	3% cash back on dining, entertainment, popular streaming services and at grocery stores, 1% on all other purchases. Plus, earn % cash back on Capital One Entertainment purchases and tickets at Vivid Seats, and % cash back on hotels and rental cars booked through Capital One Travel (terms apply)	$0		Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®), plus 1% on all other purchases. Plus, earn 8% cash back on Capital One Entertainment purchases and tickets at Vivid Seats.	Apply now View details	Compare	loading Fetching your data...
Venmo Credit Card		N/A	3% cash back on your eligible top spend category, 2% back on your second top spend category and 1% on the rest	$0		A cashback credit card that lets you auto-purchase the crypto of your choice from your Venmo account.	See offer View details	Compare	loading Fetching your data...

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Bottom line

Understanding how your credit card statement works will not only ensure that you make timely repayments and avoid collecting interest, but will also help you spot any errors on your statement and resolve them before they impact your credit file. And if you need help keeping your statements in order, consider switching to paperless statements.

If you’re looking for a new card, be sure to compare your credit card options.

Frequently asked questions

• Can I save any money if I ask my card provider to stop sending me paper statements?

  In most cases, no. However, by doing so you can look forward to clutter-free space and you can also do your bit to save the environment.

• How often should I receive a credit card statement?

  Credit card providers issue statements on a monthly basis. Make sure you contact your bank if you haven’t received your credit card statement around the time you usually would in the month.

• If I have an additional card linked to my credit card, do I receive a separate statement for that card?

  There are a few credit card issuers who may provide separate statements for additional authorized cardholders. If you receive all transactions on one statement, however, it’s important you read over your statement closely to keep track of yours and your additional cardholders’ transactions.

• Can I hide my credit card purchases from my statement?

  No, you can’t hide credit card transactions from your statement. However, your statement won’t show the exact product you purchased.

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