What does statement mean?

Every billing cycle (each month) if you own a credit card, you will be receiving a credit card statement. This is usually detailed information of your credit card usage –transactions, fees, purchases, withdrawals- and other. Among the most important tabs you will find on your credit card statement, are:

1. The outstanding balance which basically reports the sum owed per total


2. Minimum repayment- this value is the minimum you have to repay each month. Should you not keep to your monthly minimum repayments, you will support late penalty fees


3. The APR- this is the annual percentage rate, divided by 12 will actually give you the requested monthly interest you have to pay


4. Different fees and charges- for example, a cash withdrawal using an ATM might cost you $2/transaction