4.3.8 Credit card statements
- 4.3.1 How credit cards work
- 4.3.2 Benefits and risks of credit cards
- 4.3.3 Compare credit cards to debit cards
- 4.3.4 Prepaid cards
- 4.3.5 Choosing a credit card
- 4.3.6 Cost of credit cards
- 4.3.7 Case study: Credit card use
- 4.3.8 Credit card statements
- 4.3.9 Tips for credit card use
- 4.3.10 Video: Using credit cards wisely
- 4.3.11 Credit card fraud
- 4.3.12 Video: Debit and credit card fraud
- 4.3.13 If you are a victim of debit or credit card fraud
- 4.3.14 Summary of key messages
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:
| 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) | ||||
| 1-800-XXX-XXXX | ||||
| 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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