The bank should not take more; Take a look at how credit card bills are calculated! – News18 Bangla

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#NewDelhi: The corona epidemic in India has boosted the digital payments market. As a result, the popularity of credit cards has increased in many small towns as well as big cities of the country. According to the report, there are currently about 84 million credit cards in circulation in India. People who use credit cards need to know all the information involved. One of the most important things you need to know about credit cards is the Billing Cycle.

Credit card billing cycle

The credit card billing cycle is also known as the statement cycle. The billing cycle starts from the day the credit card is activated. The billing cycle time is from 28 days to 32 days. A credit card statement or billing statement shows how a user has used a credit card during the billing cycle or billing period. Transactions, minimum due amount, due date etc. are known through the billing cycle.

Payment due date

There is a set date for credit card bills. Two types of charges apply to payments made after that date. Interest payment and late payment fee for the remaining money.

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Minimum amount due

About 5% interest is fixed on the remaining amount or some amount is paid to save the late fee.

Total Outstanding

It is necessary to determine the total amount of money per month so that no additional charge is levied. All EMIs are added to that total money. There is also a charge on the billing cycle.

Credit limit

There are three types of credit card statements – total credit limit, available credit limit and cash limit.

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Transaction Details

This section provides complete information on how much money has been credited to your credit card account and how much has been spent.

Reward Points –

Credit card statements will also show their status along with the reward points still deposited. Here is a table showing the details of all the reward points, including the number of reward points from the previous cycle, the number of reward points earned from the current billing cycle, and the number of completed reward points.

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