Guide to credit card statements
As you get up and running with your credit card, you might be wondering what happens with your credit card statements. We’ve got that covered. Here’s what to expect.
What is a credit card statement?
A credit card statement is a monthly summary of all transactions made on your credit card. It gives an overview of your spending for the billing cycle (the period each statement covers). This includes any purchases, fees, interest charged, and payments.
Why checking statements is so important
It’s important to check your credit card statement as soon as it arrives for many different reasons. It’s good to review all the transactions and make sure they’re as you remember.
Check the amount due and the date it’s due to ensure payment arrives on time for good credit card health.
This is your chance to check that all the transactions are familiar, and the amounts make sense to you. Don’t forget to look out for your statement, and remember you can choose to receive it by post or email.
What is the difference between a bank statement and credit card statement?
The term ‘bank statement’ usually refers to a current account or savings account – although sometimes it can be used more generally to describe a statement for any product you hold with a bank. A credit card statement is specific to credit cards. Here’s more on each of them:
Bank statement
This is a monthly overview of every transaction in your bank account. It’s issued by your bank. It shows your account balance at the start and end of the statement period and includes payments in, payments out, fees and interest earned.
Credit card statement
This is a monthly summary from your card issuer. It highlights all your credit card transactions, and will include purchases and payments you’ve made using the card.
It will show your outstanding balance, the minimum payment you need to make and your available credit limit. Plus, any fees or interest charges.
Can I pay more than the credit card statement balance?
Yes, you can pay more than the credit card statement balance but there’s no real need to or advantage to doing it.
When you overpay your credit card, you get a negative balance, and the card provider basically owes you that money. You won’t lose the money, and it won’t affect your credit score – but you won’t earn interest on it.
If you pay more than your balance by mistake, it’s nothing to be concerned about. Usually, if and when you spend on the card again, you’ll use up this credit. Or you can ask your card provider to refund it.
How often will I receive a credit card statement?
Usually, credit card statements are issued monthly. At Vanquis, we’ll only issue a credit card statement if there’s been activity on your account. This includes payments made to the account and any purchases.
You can also view your statements in the Vanquis app, by tapping ‘Transactions and statements’ on the home screen. If you would like to change your statement date, you can do this in the app.
Please pay at least the minimum monthly payment on your credit card by your due date each month. If you miss a payment, you may have to pay a late payment fee. Missing payments can have other consequences too, like negatively affecting your credit file.
What does CR mean on a credit card statement?
On a credit card statement, ‘CR’ usually means a credit transaction or amount. It can be used to show money that’s been paid to your account to reduce your balance. Or it could also be used to indicate that your balance is in credit.
What do I need to pay attention to on my credit card statement?
When looking at your credit card statement, you should focus on the following areas:
Account summary
This gives you an ‘at-a-glance’ overview of your account and what’s happened since your last statement. It will usually include your previous balance, current outstanding balance, available credit, purchases, payments in and payment due info.
Purchases and transcations
Review your purchases and transactions to make sure everything looks how you expected it to. It will help you identify any errors and any transactions you don’t recognise.
Payment due date
This is the date you need to pay at least your minimum payment amount by to avoid late fees.
Minimum payment
The minimum payment amount is a percentage of your total credit card balance. It’s important to keep paying at least the minimum amount. If you miss payments or pay late, you could face extra fees and damage your credit score. By paying more than the minimum payment when you can afford to, you could save money and repay your balance faster.
Transactions
A summary of all purchases and payments made using your credit card since your last statement. Keep an eye on this. If you spot a transaction you don’t recognise or have an issue with a transaction, tell your card issuer straight away.
Interest rates
There will usually be a section which has details on the interest rates you’ll be charged for the different things you can do with your credit card – for example, purchases, balance transfers and money transfers.
Fees
Check any fees that may apply to your account – this could be for late or missed payments or going over your credit limit.
Interest
You’ll also be able to see the interest that’s been charged for any balance that’s outstanding on your credit card.
When is my payment due date and how do I make a payment?
You can find your due date – the date to pay at least your minimum amount – in the Vanquis app. If you get paper statements, check the account summary section for your payment due date.
To make a payment in the Vanquis app, head to ‘Payments’ or ‘Make a payment’ and follow the on-screen instructions. Other ways to pay include Direct Debit, online banking and by phone.
If you don’t have the Vanquis app, now might be a good time to get set up. All you need is your card, your mobile device, and a few minutes of your time.
What is a credit balance?
With a credit card, a credit balance is when you have extra funds in your account, or you’ve overpaid. At Vanquis, if you have credit in your account, you’ll use up that balance when you spend with your card. If you want the credit amount returned to you, please reach out to us.
Frequently Asked Questions
How do I access my credit card statement?
You can view up to 12 months of statements in the Vanquis app or Vanquis Online Banking. If you’re in the app, go to ‘More’, then ‘View Statement Summaries’. If you don’t have the app, now might be a good time to get set up. You can also request paper credit card statements.
How long should I keep my statement for?
This is up to you and depends on your situation. For example, if you need your statements for tax reasons or for proof of transactions (in case of incorrect charges or disputes), it’s good to keep them for at least a year.
How do I make a credit card payment?
You can make extra or one-off payments on the Vanquis app using Pay by Bank – it’s fast, easy and secure. From the app homepage:
- Tap on ‘Make additional payment’
- Then select ‘Pay by bank’ (or ‘Pay by debit’ if you want to pay by debit card)
- Choose your amount
- And follow the on-screen instructions.
Download the app here if you haven’t already. You can also make a credit card payment by Direct Debit, debit card over the phone, bank transfer or via postal order.
Will I receive an annual credit card statement?
Yes. As well as your monthly statement, you’ll get an annual statement, shortly after the anniversary of the start date of your agreement. The statement will give you a full update on the agreement. It will confirm how much you owe at that point, and the payments you’ve made over the last year.
Where can I find info on my promotional interest rates and when they end?
You can find your interest rates on your monthly credit card statement. You can view and download your statements in the Vanquis app, or we can send statements to you if you’ve asked for paper copies.
Download and take control today
Once you’ve downloaded the app, all you need is your phone and Vanquis card – register, log in and away you go.
