How to read your credit card statement
There’s a lot of information on your credit card statement. You’re probably already used to finding your payment due date and the amount to pay – your closing balance or minimum payment amount – but here’s what else you can find.
We start near the top of page 1, where you’ll see something like this:
The purchases or charges on this statement cover the period known as the statement period (approximately 30 days). When your statement period has ended, you’ll have 14 days before your payment due date (but if you have a NAB Low Rate Card, it’s 25 days). These days make up your “payment window”.
If you made any payments onto your credit card during your statement period, you’ll see these under your “Account summary” as “Payment & other credits received”.
You need to make a payment during your payment window
If you have any amount owing on your statement, you need to make a payment during your payment window – that is, after your statement period ended and on or before your payment due date. Even if you made a payment during the statement period, you still need to at least make your minimum payment, otherwise you will be charged a late payment fee. And, unless you pay your closing balance in full by the due date each month, you will also be charged interest.
We will have already processed any payments that you made before your payment window opened, and lowered your closing balance (if you have a positive balance on your card already, this will be added to your closing balance and shown as credit) These payments will show as “credit received”.
Read more about statement periods and payment windows in our post How your credit card’s interest-free period works.
Credit limit and available credit
Your credit limit is the highest amount that you can charge to your credit card. Read about changing the limit on your card.
Your available credit is credit that you haven’t used.
Available credit = Credit limit – Closing balance
The red “Payment details” box
This section will only show your closing balance, due date, and minimum payment unless you have amounts that are overdue or you have exceeded the limit on your card. The example shows the most complex possibility, which adds in two more amounts. From top to bottom you’ll see:
This is the total amount owing on your credit card when we print your statement. If you want to pay off your entire credit card debt for the month, this is the amount. If you pay this amount by the due date each month you will not be charged interest. For more on this see Avoiding credit card interest.
To the left of the Payment details box, your Account summary breaks down your closing balance.
If you have a red amount labelled “DUE NOW”, there are two different things that this could be:
- Past due amount: Any amount that you had to pay last month, but didn’t. If you have a payment past due, there’ll be a bold message lower down this page as well.
- Overlimit amount: Any amount you’ve charged to your credit card above your credit limit.
If you have both a past due amount and an overlimit amount, only the larger of the two is due now.
We need to receive your payment – at least your total minimum payment, or if you want to reduce interest then your entire closing balance – by this date. Your “payment window” closes at the end of your due date.
If you don’t owe us anything, there’s no payment date on your statement.
Monthly payment amount and Total minimum payment
- Monthly payment: The amount due from purchases and transactions made during your monthly statement period.
- Total minimum payment: The total of the monthly payment and any past due or overlimit amounts that you have to pay before the due date. You need to pay this amount to avoid a late payment fee.
If you cleared all your credit card debt last month these amounts are the same. We’ll only show you your monthly payment if it’s different to your total minimum payment. Read about both of these, including how we calculate them, in our blog post Your credit card’s minimum payment amount.
Your account summary breaks down your closing balance.
- Opening balance: The amount that you owed at the start of your statement period. (This date was also the start of your payment window last month.) This was your closing balance on your last statement.
- Payments & other credit received: Anything that’s been credited to your account during your statement period. This will include the payment you made during your last payment window, and any payments you made during your statement period (ie. in the last 30 days or so). It’s important to know that refunds or credits from stores (which we call merchants) don’t count as payments towards your statement. You can read more about when a payment isn’t a payment in the blog post Making part payments to your credit card.
- Purchases, cash advances & special promo debits (ie. balance transfers): This is the total of everything charged to your card during the statement period. These charges are listed one-by-one from the top of page 2.
- Interest & other charges:The total of any interest and fees we’ve charged you during your statement period. If we’ve charged interest, there’ll be a breakdown of your interest near the end of your statement. It shows your exact interest rates and how much of each type you’ve been charged.
- Closing balance: As above, this is the total amount owing on your credit card when we print your statement. This is the amount to pay to clear your entire credit card debt for the month. You need to pay this by the due date each month so you can avoid being charged interest.
If you earn rewards points – FlyBuys™, Qantas Frequent Flyer™, or Velocity™ – your total points for the month are shown on page 1. There’s a breakdown of these points near the end of your statement.
More than one card? See which card made each purchase
If you have a secondary cardholder who can access this credit card account, or if you have a card account which earns points using two different card schemes (ie. Visa, Mastercard or an American Express companion card) each transaction shows which card was used. You can see the card type (A = American Express, M = MasterCard, V = Visa), then the last four digits of the card number.
Transactions are listed from the start of page 2.
If you’ve contacted us to dispute any transactions, they’re listed separately near the end of your statement.
Read more about what to do if you have a credit card transaction you don’t recognise.
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