Monthly Statements

Every month you will receive a paper statement by post or an electronic statement via internet banking. Online statements are becoming more and more popular as internet banking becomes more common; they are also more environmentally friendly. Your credit card statement provides a detailed breakdown of all the transactions you have made using your card in the past month. It will also show the account balance carried over from the last statement you received (if applicable), which will be added to this month's balance total. This will give you an overview of the total amount that you owe your credit card provider.

The statement will inform you of the minimum percentage of the total amount that you must repay, and the number of days that you have to make this repayment. Typically you will be given between seven and twenty-five days of the issue date of the statement to make your repayment. The minimum repayment is typically very low, and it is recommended that you never pay this minimum amount only if you wish to avoid excessive charges and potential debt. Often this amount represents just two percent of the total outstanding debt or £5, whichever is higher. For more details see Minimum Repayment.