How to read a credit card statement and dispute charges.

  how to read a credit card statement and dispute charges.

 

Learn how to read a credit card statement so you can understand fees, dispute charges, detect fraud and identity theft.

 

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How to read a credit card statement:

Credit card statement.

(1) Type of Balance: Numbers to the right of "Purchases" refer to goods purchased. Numbers to the right of "Cash Adv" refer to cash advances (none on this statement example).

 

(2) Previous Balance: This shows the amount due on the previous month billing. Here is was $1,241.28.

 

(3) Average Daily Balance: Daily average used to compute finance charges. Not all banks use a Daily Average to compute interest.

 

(4) Percentage Rates: The interest on amounts not paid before the due date (#9). The Monthly Periodic Rate is simply the Annual Rate divided by twelve. In this example the bank charges the same 16.8% interest on purchases as it does on Cash Advances. Some banks charge more for Cash Advances.

 

(5) Charges: Amount charged to card in past month. New charges.

 

(6) Payments: Amount paid during the month. On this example $1,231.28 was paid. Note that the previous balance was $1,241.28 so the bill was not paid in full. A balance of $10 is still owed.

 

(7) Finance Charges: Because payments (#6) were $10 less than the previous balance (#2), finance charges apply to ALL the new charges (#8) of $1,454.95. The Finance Charge for the month is $21.26. It was computed by multiplying the monthly rate (1.4%) by the average daily balance shown in (#3).

 

(8) New Balance: The sum of (#5) and (#7). This is the amount that should be paid by the payment due date (#9) to avoid further finance charges.

 

(9) Payment: Pay by this date to avoid finance charges. The Grace Period in this example is 25 days.

 

(10) Account Number:  Do not give the number out except to make a purchase.

 

(11) Credit Limit: How much the bank will let you charge.

 

(12) Transaction Date: The date an item was purchased or a payment received by the bank.

 

(13) Posting Date: The date the bank received the charge slip from the merchant. Usually only a few days after the Transaction Date.

 

(14) Reference Number: Unique number applied to each purchase or payment.

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Guaranteed Credit Card Approval Tips

 

Filling a credit card application can be a daunting task. Credit card companies that offer high limit, low interest credit cards with rewards such as cashback, typically ask a host of questions including employment information. On top of that, they want permission to review your credit report as part of the application process.

 

In regards to high limit, low interest credit cards with rewards, approval and the interest rate you'll be charged, the fees you'll pay, your credit limit and so forth, all depend on your credit history.

 

So whether or not a credit card application requires a credit check depends on the risk the credit card company will face. Once again, those high credit limit, low interest rewards cards put the issuing company at high risk should a cardholder default.

 

When shopping for a credit card, shop similar to the way you'd look for a new car. If you have bad credit and don't have a lot of money, you'll need to borrow with an auto loan. If you know; according to your credit and income, that you won't qualify for a Mercedes, you won't even set foot on the lot of a Mercedes dealership.

 

To get guaranteed credit card approval, shop for credit cards in the same manner. Instead of applying for high risk credit cards that require a credit check, submit bad credit card applications.

 

Although limited, there are credit cards for bad credit people. If your credit is so bad that you still can't qualify for a low limit, low risk unsecured credit card, consider a secured credit card. A secured credit card can also help rebuild credit, just be sure the issuer reports your timely payments to at least one credit bureau.

 

Tip: Some people think that if a credit card doesn't report to a credit bureau, that they can default on fees, payments, etc. But the truth is, even a credit card that doesn't report good timely payments will nonetheless report bad activity.

Balance Transfer Credit Cards

 

When you get that offer in the mail to do a balance transfer, make sure you review all the details. Just because you get an offer through the mail to balance transfer, does not mean you are automatically approved for the card if you apply. Before you apply for a low interest credit card, you must have good to excellent credit. If you don't, by applying for it there will be an inquiry placed on your credit report. If you have good credit, you may want to check all your options to get a low interest card and not take the first choice you get in the mail.

 

If you owe thousands of dollars in credit card debts on several cards, you may not be able to balance transfer all of them onto one, low interest credit card. If the terms are right and you can save money, it is a good idea to transfer what you can. Check to see if there are any fees to do the transfer and what they will be. Sometimes there are incentives to balance transfer without fees. If in six months the card will have higher interest rates than your existing cards, it may not be worth the effort unless you have the debt paid off by the deadline.

 

The goal is to save money not have more debts with higher fees. Another problem can be if you start charging on the old credit cards that don't have a balance and you end up with more debt. It can be a good idea to only use those cards to make a small purchase each month that can be paid to keep those cards active. Some credit card companies are closing accounts that don't get used. Using a credit card and making payments on time every month is a great way to build credit scores.

 

With the current credit crunch and a tighter hold on lending, getting credit cards can be difficult if credit is poor or bad. It is a good idea to keep current on credit card payments, not pay late, and not use more than 30% of the credit limit. Always review statements for any changes in fees or credit limit changes. If interest rates increase, try calling and asking for a lower rate. When having financial problems, contact the credit card company to work out a payment plan instead of being months late and ruining your credit.

Credit Card Tips

 

Credit card companies are taking all the steps to make sure they will be ready for the new laws in February 2010. Some companies are ready and others are getting more prepared. Disclosing the terms and conditions in an easy to understand way is part of the new law. 

 

The companies usually offer consumers a card that fits their credit type even if it was not the card inquired about. When consumers are offered different cards, they will also get information about the terms and conditions associated with the card offer before the application is processed.

 

Cards have different APR information and will state if the APR will apply to cash advances and what can cause it to rise or fall. Some companies increase the rate when payments are late or the credit limit has been exceeded. Information about processing fees will be provided and may vary depending on credit worthiness.

 

Secured credit cards as other credit cards have different fees, terms, and conditions. Processing fees can range from $0 to $35. Every company is different and may require low security deposits or high deposits. They can change the APR and can apply payments to lower APR balances before applying it to higher balances. When seeking a credit card, it is important to read all the terms and conditions for fees. For example, if you select that you want your credit card delivered quickly, it could cost you.

 

Make sure you know who your credit card issuer is, their phone number, how they process your personal information, and if they share your personal information with third parties. keep all your credit card account numbers in a safe place along with phone numbers in case you ever need to report a lost or stolen card. Always report lost cards immediately. Having a credit card is a privilege and the terms and conditions for using the credit card must be followed.

Rewards Cards

 

Reward credit cards can be very appealing. Yet it is important to do some research before making a selection. Read the fine print to make sure the other fees don't exceed the rewards you will get in return. Some cards don't give rewards if a balance is carried from one month to another so it may be necessary to pay off the balance every month. They could even charge higher interest rates on outstanding balances.

 

Read the terms carefully and take notice of words like "up to". This can mean the maximum you can get. You may not go up to that level unless you spend a lot of money on the card. In that case, you may get less than the advertised reward. The actual cost of the points is important and you should figure how much money is required to get a particular reward. By doing some figuring it is easy to get an idea about the cost. If you are required to spend $10,000 just to get the reward of a gift voucher of $60, it does not seem worth the effort.

 

Your spending habits are important in addition to how much is necessary to earn rewards. For example, programs offering frequent flyer miles usually require the cardholder to spend a lot of money. If you are an occasional spender, it could take a long time to get a free flight. Gas cards are very popular and great to have but read the terms before applying for the credit card. They have been popular due to the high cost of gas. Make sure you meet the requirements to get the rewards. Some gas cards may give points only if you shop only at a specific gas station. 

 

Annual fees are an issue to consider as they can be high and you must decide the fee to have the card is worth the amount required to get rewards. For example if you have a high annual fee and you must spend up to $5,000 before earning rewards, it may be the right reward  card for your needs. It is worth the time to review any limits imposed on rewards. If you get five per cent cash back on purchases but up to a limit of $250, spending over the limit will be wasted. Some rewards can expire if they are not used within a limited period of time.

 

The best way to save money is not to have spend a lot of money just to get a specific reward, the right reward card can be great if it matches the financial needs of the cardholder. Managing finances is important and before applying for any credit card, read the terms and conditions for the credit card. It is best to know the fees, interest rates, and what is necessary to get the benefits of the rewards offered. Many consumers who use reward cards have benefited by earning flying rewards, hotel rewards, and gas rewards. Any rewards should fit the specific needs of the cardholder.

Citi Gas Credit Cards

Citibank has closed their oil branded, gas MasterCard credit card accounts, including the Shell gas card. There hasn't been a statement on the total number of credit cards that have been closed.

As cardholders are learning, they don't always have input as to whether their credit card gets closed. A credit card company can close credit cards at any time, without advance notice and without explanation.

In addition to not having use of the credit card, how else can a closure harm you? In many cases, closing a credit card negatively impacts your credit score, particularly if you still owe a balance on the credit card account. If your Citibank oil MasterCard has been closed, consider paying off the balance immediately to reduce the impact to your credit score.

   

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Credit Card Offers: Free credit card search makes choosing a credit card easy. Browse the most popular, best credit cards at CreditFederal.

Credit troubles? Apply for a pre-approved credit card offer based upon your credit history. Poor and bad credit people can apply for a credit card to rebuild credit or to establish credit. If you have very bad credit, consider bad credit card offers such as a secured credit card like a prepaid Visa, no credit check cards or other types of a guaranteed card.

For very high risk people there are options other than a standard unsecured credit card, such as an online guaranteed platinum card for online store purchases, or possibly even qualify for a charge card or a discount card from retail stores like the WalMart card or the Sears card.

Prepay credit card offers: Apply for a debit card or a bank ATM card.

Rewards credit cards: In addition to perks such as a 0 intro balance transfer, major cards offer other benefits like a travel credit card that rewards free airline miles, a gas card, or family entertainment offers like the Disney credit card, apply for an unsecured platinum credit card.

Credit card interest rates: Some cards offer no interest and a 0 introductory period on purchases. There are also some with a special 0% balance transfer period so you can transfer balances from other cards to your new credit card.

Special credit card offers: Almost every credit card company will offer a spouse joint credit card account. Other special offers include no deposit credit card, business credit card, student credit card and shopping cards like a Christmas credit card. Read the fine print, compare the card benefits, rewards and ratings before you submit an online application.

Credit card company offers, including gold credit card and platinum credit card offers:

Visa credit card, such as the gold Visa card or the platinum Visa credit card.

MasterCard credit card, such as the gold MasterCard or the platinum MasterCard.

American Express card, such as the gold American Express card or the platinum American Express card.

Chase card, such as the platinum Chase card.

Discover card such as the gold Discover card or the platinum Discover card.

Before you apply, review all the credit card facts. Once you get the card right for you, read every credit card statement carefully and request credit card companies to stop credit card mail offers. Browse more credit card resources.

 

  

  

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Search our free credit help resources and apply for financial services. The credit crisis may have prompted stricter credit card company and loan lender approval standards, but poor credit people can still find bad credit financing.

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