4.3.8 Credit card statements

It's important to read your credit card statement each month so you can make sure that all the charges are correct. Also, if you are budgeting or keeping track of your expenses, reading your credit card statement is a good way to keep your records up to date.

By law, federally regulated credit card issuers are required to show on the statement how much time it will take to pay off your balance if you pay only the minimum amount. (If this information is not on your statement, your credit card issuer might not be federally regulated. Contact Financial Consumer Agency of Canada.)

Here's what a typical credit card statement looks like:

Statement period from 09/30/2016 to 11/01/2016
Account number Name Statement date Footnote 1 Payment due date Footnote 2
1234-456-789 John Smith 11/01/2016 11/22/2016
Credit limit Footnote 3 Credit available Footnote 4 New balance Minimum payment due Footnote 5
$1,200.00 $1040.97 $159.03 $20.00
Reference Transaction date  Posted date  Transaction description Amount
483GE7382   10/27 Payment thank you -532.80
32F349ER3 10/4 10/7 Star electronics 14.83
89102DIS3 10/7 10/9 Food and more rest 30.55
5687JUE23 10/8 10/10 Science museum 27.50
7854DFG12 10/15 10/17 Danny's gas 12.26
78RG6542H 10/20 10/22 Colors clothing 40.10
    11/01 Interest 8.79
    11/01 Annual fee 25.00
Previous balance Footnote 6 $532.80   Current amount due $159.03
Purchases $125.24   Amount past due  
Cash advances     Amount over credit line  
Payments $532.80   Minimum payment due $20.00
Interest charges $8.79      
Non-interest charges $25.00      
New balance Footnote 7 $159.03      
Finance charge summary Purchases Advances For customer service call:
      (Collect calls are accepted)
Periodic rate Footnote 8 1.65% 0.54% 1-800-XXX-XXXX
Annual percentage rate Footnote 9 19.80% 6.48% For lost or stolen card, call:
      (Collect calls are accepted)
      24 hour telephone numbers

The estimated time to repay your account balance if you only make the minimum payment every month is 9 months.

You have 30 days from your statement date to report any error that may appear on your credit card statement.

Check your credit card statement each month. It's the best way to avoid mistakes and detect fraud. Check your receipt for each purchase against the statement and make sure they match. If you find an error or a transaction that's not yours, immediately contact the card issuing company. Ask for details or dispute the charge.

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