In this article, we will learn how to check your credit card statement online. We will cover the necessary steps to create an online account, find your statement, make payments, switch to electronic billing, monitor your account activity, and the best time to pay your bills. We will also provide answers to some frequently asked questions about credit card statements.
Creating an Online Account
To access your credit card statement, you first need to create an online account through your card issuer’s website. If you received a credit card through your current bank or credit union, your credit card account may be available through your existing online banking account. If not, check the back of your credit card to find the website address of your card issuer where you can create an online account.
Finding the Statement
After logging in, you should see some basic information about your account: current balance, available credit, minimum payment, next due date, and a list of transactions. Look for a link that takes you to a copy of your statement – it’s often a PDF file that you can download and save.
Making Payments
Another benefit of creating an online account is that it makes the payment process easier. While logged in, you can make or schedule your upcoming credit card payment. Although you are likely accustomed to using your credit or debit card for online purchases, this option will not be available for credit card payments. Instead, you will need your bank account number and routing number to make the payment.
Switching to Electronic Billing
Your credit card issuer may offer you the option to enroll in electronic billing. Instead of receiving your credit card statement in the mail, you will receive an email when your credit card statement is ready to be viewed online. You may prefer this option to reduce clutter and benefit the environment, especially if you make most of your credit card payments online.
Monitoring Your Account Activity
Checking your account activity at least weekly allows you to stay informed about your balance and due date and ensure there is no unauthorized activity on your account. In addition to an accessible web account, many credit card companies also have mobile apps that help you track activity.
When to Pay Your Bill
The ability to access your account online means you do not have to wait until the due date to pay your bill. In fact, there are benefits to paying early.
The credit utilization ratio affects your credit score, and the balance reported to the three major credit bureaus – Equifax, Experian, and TransUnion – is the balance that appears on your monthly statements. Keeping your balance below 30% of your credit limits ensures a low balance is reported to the credit bureaus, which is best for your credit score.
Note: Paying off your balance in full each month may not be enough. Credit bureaus receive a snapshot of your account on a specific day of the month. By regularly tracking your account online, you can lower your balance before your statement is generated to keep your balance below the 30% threshold.
Frequently Asked Questions
What is a credit card statement?
A credit card statement is a comprehensive record of your account activity over a specified period. It shows any payments, credits, interest, and fees incurred during the period, along with your total account balance, statement balance, minimum payment, and due date. The credit card company issues a monthly statement after your billing period.
What is
What does the statement balance on a credit card mean?
The statement balance is the total sum of all credits, payments, interest, and fees incurred during the billing period. If you pay the statement balance in full by the due date, you will not incur any interest charges for that month. Since you may receive your statement a few days after your billing period closes, the statement balance may not match your current account balance.
How can I filter my credit card statement online?
You may be able to export your statement directly to your accounting or budgeting software for quick and easy filtering. Otherwise, you can print a copy of your statement from your bank’s website and filter your account manually.
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Sources:
– Federal Reserve Bank of Boston. “Mobile Banking and Payment Practices of U.S. Financial Institutions: 2016 Mobile Financial Services Survey Results From FIs in Seven Federal Reserve Districts,” Download “Full Paper,” Page 4.
– Discover. “All Payment Methods.”
– myFICO.com. “Amounts Owed.”
– Consumer Financial Protection Bureau. “Credit Score Myths That Might Be Holding You Back From Improving Your Credit.”
Source: https://www.thebalancemoney.com/how-to-check-your-credit-card-statement-online-960081
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