1. Reading a Credit Card Statement

2. Credit Card
A small plastic card issued by a bank or business, allowing the holder to purchase goods or services on credit

3. Credit Card Statement
Monthly statement listing the purchases, payments and other debits and credits made to your credit card account within the billing cycle.

4. Billing Cycle
The period of time between billings, usually about 30 days
During the billing cycle, purchases, credits, fees, and finance charges are posted to your account. At the end of the billing cycle, you are billed for all unpaid charges and fees made during the billing cycle. Your credit card payment is due days after your billing cycle ends

5. Grace Period
The period of time between your billing cycle end date and your bill due date

6. Account Number The primary identifier of ownership of an account
All credit cards have their own account number

7. Total Credit Limit
Credit limit also refers to the maximum amount a credit card company will allow someone to borrow on a single card
Credit limits are usually determined based on information contained in the application of the person seeking credit, or that person's credit rating.

8. Total Available Credit
The amount of unused credit
Example:
If your Total credit limit is $500, and you have used $150, then your total Available Credit is $350

9. Statement Date
The date on which a statement (bill) is generated, and the month's finance charges (interest) are added to the balance.
The statement date is usually the same date every month

10. Minimum Payment
The minimum payment is the lowest amount of money that you are required to pay on your credit card statement each month
The industry standard is now to calculate the minimum in one of two ways: either 3%-5% of the total balance due, or, all fees and interest due that month, plus 1 percent of the principal amount owed.

11. Example Minimum Payment
You owe $500
Interest is $13
1% of $500 is $5
Total Minimum payment is $18

12. Payment Due Date The date on which your payment is due
Most credit cards do not have a payment grace period
If you are even one day late, you will be charge a late fee

13. Late Fee
A fee charged for not paying on time

14. Current Payment Due
Date for the current month’s billing that a payment is due

15. Balance Summary
A summary of your payments, purchases, and previous balance during the billing cycle

16. Previous Balance
The amount you owed at the end of the previous billing cycle

17. Payments/Credits
Any payments made or credit received during the billing cycle
Refunds are an example of credits received
A credit is money that is given back to you

18. Purchases/Debits
Purchases-anything you have bought against your credit
Debit-the recording of an entry of debt; an amount taken out of your account

19. Finance Charge
A fee for the cost of credit, expressed as a dollar amount

20. New Balance
The amount owed on a credit card at the end of the billing cycle

21. Transaction Summary A list of all transactions made on your account
Include anything you have purchased, payments you made, any credits (refunds) received
Summary will include the date of the transaction, the day it was posted to your account, a description of the transaction and the amount of the transaction

22. Interest Charge Calculation
A summary of the method used to calculate the finance charges on your credit card account

23. Days in Billing Cycle
The number of days from the start and end of a billing cycle

24. Finance Charge/Cash Advance/Transaction Fees
Total amount of fees charged to you

25. Annual Percentage Rate
The interest rate charged annually for the use of credit, expressed as a percentage

26. Amount Enclosed
The amount of money you are paying towards your credit card bill