Payment Card Industry

I was going through my last month's credit card statement. Normally, I see only a glance at the credit card statement. But, this time I stuck at the charges, I was not expecting any charges on my credit card statement. Then I start looking at the transaction details section and found membership fees on my statement. I got confused why this charge was there on my statement. Then I called customer care and inquired about the same. They explained everything to me and advised me to refer to my card Holder's Agreement, which I had signed at the time of signing up for the credit card. Card Holder's Agreement/Most Important Terms & Conditions/Disclosure/Terms & Conditions are the commonly known terms of Card Holder's Agreement. When applying for a credit card, everyone has to agree to these terms and conditions of a credit card. This is the most unnoticeable document, which will be ignored by most credit card users due to its lengthy format, and many times we assume we...

One day, one of my friends called me, he was seeking my help in understanding his Credit Card Statement. He was getting a hard time understanding the statement. I have seen such kind of issue with other people. Only a few people may be able to understand the statement, not the full statement. The statement usually has the following sections in every credit card statement: Statement Summary Account Summary Due Details Credit Limit Information Statement Messages Transaction Details Rewards and Cash back Summary Loan/EMI Information Statement Summary: Statement with Credit Balance Statement with Debit Balance The above images will give you a little idea about the statement summary. Following are the important information it contains Statement Date - It's your billing cycle date. On this date every month your statement gets generated. Card Number - It contains the number of the card that this statement belongs to. Payment Due Date - This is the date till you have to make payment. If yo...