Understanding Your Student Credit Card Statement
By: Larry Goldberg
If you’ve got a new student credit card, you have a monthly statement to decipher, and figuring out what it’s saying to you means the difference between making your correct payment on time and mishandling your total payment – which can cost you quite a bit in late fees and credit ratings.
Examining the Statement
Your first step should be to look at everything your credit card statement contains.
Understanding the Charges
If ever something appears on your bill that you don’t understand – like a cash advance fee, a transaction fee, or some other odd fee – be sure to call the card company right away. In most cases, they’ll be able to tell you why you were charged the fee and how it affects your total balance and the minimum monthly payment. Should you find a charge you cannot account for, it is essential to contact your student credit card company right away to dispute the charge and file a complaint. You have only sixty days to do so, so make that call as soon as your credit card statement arrives.
Figuring out how to make your credit card statement a little more user-friendly can be tough, but ignoring it each month and just making the minimum monthly payment won’t make it go away. It may only make things harder to swallow in the end. Know your statement and your card, and you’ll be on the path to great credit.
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