“Where does my money go?” Do you often ask this question? In that case, your credit card statement can help you with the answer. The popular notion that also happens to be a misconception is that owning a credit card simply translates into access to unlimited funds that you don’t need to worry about repaying. In fact, the limit on your credit card is dependent on your capacity to repay. In case you miss to pay up, you are charged interest, and can risk losing your card and your overall credit score if you fail to pay over multiple billing cycles. Fortunately, there is an easy way of keeping vigilance over your expenses, using a credit card statement. A credit card statement is a document offered by your credit card issuing authority, which is provided to you at the end of every billing cycle. It provides a complete record of your credit history and has a variety of uses.
To understand the importance of checking your credit card statement, let us take a look at all the ways in which your RBL credit card statement can help you. Download the Finserv MARKETS App to know more.
How Are RBL Credit Card Statements Helpful?
- You can identify any errors in transaction details on your statement. The same can be highlighted to the company so that you don’t have to pay more than the actual spend on your card.
- The credit card statement carries details regarding tax-related purchases, such as business expenses, charity donations, etc. Hence, it can function as supporting documentation for availing tax benefits.
- The visibility offered by credit card statements allows you to budget better. You can categorise and track your spends if you are looking to save money for future plans.
- The statement can give you a macro view as well as a micro view of all the expenses, which you can use to create a budget.
- The statement mentions the payment due date, which acts as a reminder to pay your bill to enjoy the zero-interest benefit.
- The statement shows you your credit limit, which allows you to plan your future expenses better.
Along with these, the RBL credit card statements also help ensure that your credit score is not impacted.
How Does RBL Credit Card Statement Help To Monitor Credit Score?
The RBL Bank credit card statement states the payment due date at the end of a billing cycle. This date is critical as it has a significant impact on your creditworthiness. By displaying the due date, the credit card statement reminds you to pay your bills on time so that your credit score is not hampered. The credit card statement also highlights incorrect charges, which, when left unpaid, can affect your score. This can be caused by duplicate charges levied on your purchases or identity theft. By using the statement, you can highlight all such discrepancies, unauthorised transactions and suspicious activity to the issuer, so that you are not charged unnecessarily.
How To Check The RBL Credit Card Statement?
You can get your RBL Credit Card Statement through any of the below-mentioned ways-
- RBL MyCard App
- Bajaj Finserv customer portal, Experia
- Net banking
- Post
You can also opt to get an e-statement for your credit card expenses.
How Do You Switch To RBL Credit Card E-Statement?
You can choose to opt for e-statements anytime. All you need to do is send out an SMS stating ‘GREEN’ to 5607011. It will take 48 hours to process your request, and you would be able to avail e-statements from the next billing cycle, on your registered e-mail ID.
Credit card is indeed an innovative financial tool that lets you enjoy the advantages of borrowed credit such as buying on EMI, availing a loan, withdrawing cash, enjoying rewards, improving credit score, etc. Using a credit card statement, you can reflect on your finances and make the most of credit cards without falling into debt.
