What Is a Credit Card or Debit Card Statement?

If you're new to the world of debit and credit card ownership, you may be unfamiliar with statements. These documents will come once a month, delivered via postal or electronic mail, depending on your stated preference. They contain important information about your account. Understanding what information to look for and how to use statements could help you ensure responsible use of your debit and credit cards.

Basic Information

Debit and credit card statements contain your name and address, as well as the account number tied to your card. This basic information is usually located somewhere near the top of the first page. If it's a debit card, this amount is how much money is in the account somewhere below this. For credit cards, you'll find how much is owed on the account, plus the amount of available credit, below the basic information. Finance charges, the interest charged on purchases and the due date of any payment owed will also appear on your statement.

Usage Log

Statements also contain a log of all the purchases made during the billing cycle, which is typically the previous month ending in the due date of your latest payment. You'll find the name of the vendor or store where purchases were made, as well as the amounts debited or charged to the card for each purchase. For credit cards, you'll also find any payments during the billing month made listed there. The information is typically organized in list fashion and in chronological order.

Other Important Information

Along with your balances and list of purchases and debits or payments, you'll also find information for contacting your bank or credit card company. This is usually located at the end of the statements. Statements also contain important notices from consumers, although they are often placed toward the end in small print.

What to Look For

Check your ending balances to make sure they are accurate and that your previous payment was applied. If they are not, find out why to ensure fraud is not occurring. Look through purchases carefully to make sure they are all yours. For debit card statements, remember that because the card is tied to your bank account, you may see deposits and withdrawals made in person at a local bank branch as well. The annual percentage rate is another good thing to check, because even if yours is fixed, your bank or credit card company can change it.