Reading and understanding your statement

Reading and understanding your statement

You receive a credit card statement monthly from First
PREMIER Bank listing all the payments, purchases, debits and credits for that
billing cycle. This statement is packed with information and it’s important to
review everything.

 At the top, you’ll
find a snapshot of three important pieces of information:

  1. New
    Balance – this is the balance owed for the current billing cycle.
  2. Total
    Minimum Amount Due – this is the amount you are required to pay.
  3. Payment
    Due Date – this is the date which your payment must be received. Make sure you
    pay attention to payment cut-off times; PREMIER’s is 5:00 p.m. Central Time.

Continuing down the statement, you’ll see two tables: Summary of Account Activity and Payment Information. Be sure to review all the information. For example, in the Summary table, you’ll see your credit limit and how much is available to use. In the Payment Information table, you’ll see any past due amount as well as estimates for how long it will take to pay off the balance and your estimated total with interest if you only pay the minimum amount due.

Next you’ll see the payment options as well as contact information for PREMIER.

Paying
by check and other forms of payments may be held up to 20 days or more if
necessary. This means you may not have access to your available credit once
your payment is credited to your account. To avoid this hold, make sure you pay
with a form of guaranteed funds, which include:

  • Debit card payments
  • MoneyGram ExpressPayments
  • Western Union Payments
  • Bank wires
  • RPPS payments (online bill pay
    service)
  • Cash payment centers (premier.ingolocator.com/)

The transactions section of your statement is a list of all your payments or charges in the current billing cycle. Make sure to review this section carefully! Look for any discrepancies that may indicate your card has been used without your authorization. Also be sure to check for any refunds you’re expecting. If you suspect your card has been used for unauthorized charges, contact us right away. For even better account monitoring, sign up for account alerts. Be alerted in near real time of any activity on your card. Visit mypremiercreditcard.com/Home/ProductsAndServices to learn more and sign up.

Knowing how to read your monthly statement is important to your financial health. With this information, you can monitor your credit card usage and make informed decisions.

This information is presented for educational purposes only. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.

The post Reading and understanding your statement appeared first on Premier Perspectives.

Leave a Reply

Your email address will not be published. Required fields are marked *