Axis bank credit card statement on mail

Here's a step-by-step guide to understanding your Axis Bank credit card statement that you receive by mail:

Understanding the Statement

  1. Statement Date: The date on which the statement is generated, which is usually the same as the billing cycle end date.
  2. Billing Cycle: The period for which the statement is generated, which is usually a month.
  3. Statement Number: A unique number assigned to the statement for reference.

Transaction Details

  1. Transaction Date: The date on which the transaction was made.
  2. Transaction Description: A brief description of the transaction, such as "Purchase at XYZ Store".
  3. Transaction Amount: The amount of the transaction.
  4. Transaction Type: The type of transaction, such as "Purchase", "Cash Advance", or "Interest Charge".
  5. Transaction Code: A code that indicates the type of transaction, such as "101" for a purchase or "202" for a cash advance.

Balance and Payments

  1. Outstanding Balance: The total amount you need to pay, which includes the principal amount, interest charges, and any fees.
  2. Minimum Payment Due: The minimum amount you need to pay to avoid late fees and interest charges.
  3. Payment Due Date: The date by which you need to make the payment to avoid late fees and interest charges.
  4. Payment History: A record of your previous payments, including the date, amount, and payment status.

Fees and Charges

  1. Interest Charge: The interest charged on your outstanding balance, calculated as a percentage of the outstanding balance.
  2. Late Payment Fee: A fee charged if you miss a payment.
  3. Annual Fee: A fee charged annually for maintaining the credit card.
  4. Other Fees: Any other fees charged, such as foreign transaction fees or cash advance fees.

Credit Limit and Utilization

  1. Credit Limit: The maximum amount you can charge on your credit card.
  2. Utilization Ratio: The percentage of your credit limit that you have used, calculated as (Outstanding Balance / Credit Limit) x 100.

Contact Information

  1. Axis Bank Contact Information: The contact details of Axis Bank, including their customer service number and email address.

Important Notes

  1. Payment Instructions: Instructions on how to make a payment, including the payment methods and deadlines.
  2. Dispute Resolution: Information on how to dispute any transactions or charges on your statement.
  3. Credit Card Agreement: A summary of the terms and conditions of your credit card agreement.

By carefully reviewing your Axis Bank credit card statement, you can stay on top of your spending, payments, and credit utilization, and avoid any potential issues or fees.