Wed. May 29th, 2024

Over the past half of a decade, the use of credit card has risen in India. While previously the country favoured debit cards, last May showed a rise of 27% in customers opting for credit cards. May 2018 had recorded 38.6 million credit cards in circulation while 12 months later this data reached the impressive high of 48.9 million.

This shift in choice is not simply because of the credit line that customers can avail to fulfil all their sudden financial requirements. Essentially, it is especially because of the numerous additional features that are offered with a credit card, unlike in a debit card.

Credit cards in India: Key Stats

  • In 2017-18, customers spent Rs. 4.6 Lakh Crore using their credit cards.
  • A year later, 30% growth in spending is recorded at Rs. 6.07 Lakh Crore.
  • The number of credit card transactions in India rose from 1.4 billion to 1.7 billion across the year.

Features to focus on when reading credit cards statements

With statistical data showing growth in usage, customers have found it increasingly necessary to know the nitty-gritties of their credit card statement. This does not just entail payment of bill and adhering to the due date, but also that of availing numerous features which come with a credit card. The key features that every customer must pay attention to while reading their statement are discussed underneath.

  • Payment due date: This is the most crucial of all information provided on the statement. Customers should clear their bill strictly within this due date to avoid paying any extra charges. Additionally, NBFCs have introduced numerous ways to make a credit card payment easy for online customers like NACH, NEFT, etc.


  • Minimum due amount: In instances where a customer has spent a lot, it can be difficult for them to clear the whole credit bill at a single go. Under such circumstances, customers must check their minimum due amount and clear it. Essentially, clearing this minimum amount ensures that customers do not have to pay any extra charges. In case that amount is not clear for new users, they should avail assistance over credit card customer care number.


  • Limits on credit line: Credit cards come with a credit limit, available credit limit, and available cash limit. The credit and available credit limit describe the total line of credit available and how much is still available for use. The latter, however, is typically much less than credit limit and signifies the amount of money that can be withdrawn from an ATM.


  • Account summary: This provides the details of all transactions, dues, balances, etc. It even provides details of last payment made, opening balance, et al.


  • Important information: This important bit on a credit card statement helps users understand the change in rate of interest, tax revisions, change in features of the card, etc.


  • Description of transaction: While the summary provides all information, this section provides detailed information on all transactions which are billed in this statement.


  • Reward points: Customers considering how to redeem their credit card reward points have to begin with these statements where all details regarding reward point accumulation are given.

Attending to these key features allow a customer to use his or her credit line safely as well as at its fullest. New users must especially learn the details of reading a credit card statement. Financial institutions are always on the lookout to make using their financial products simpler for their customers. For instance, the Bajaj Finserv RBL Bank Super Card comes with online account management where a user can access and manage every single function related to their credit card.

They also provide pre-approved offers that make availing credit cards quick and easy. Pre-approved offers are available on numerous financial products including credit cards, home loans, personal loans, business loans, etc. You can check out your pre-approved offer by providing your name and phone number.

Although easy application is a huge bonus for any prospective credit card users, customers should also keep in mind how credit cards can affect their CIBIL score. Maintaining the credit line leads to a better score which conversely ensures attractive rates of interest for any future line of credit.

Reading the statement and clearing the bill on time is imperative to affect this score in a positive direction. Additionally, in case there is any issue or even a doubt regarding a statement, customers should immediately contact the issuer via credit card customer care number or email and resolve the issue.

By admin

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