Credit Card Billings And Payments In India

This section of creditmela.com has made efforts to give the information on Credit card billings and payments to the readers who need such information.

• A billing statement is generally a statement that shows the purchases made by using the credit card at diverse establishments. Issued periodically, the billing statement should be verified against charge slips for any error or discrepancy and should be reported to the institution right away if any of such things are reported.
  
  
• The minimum amount payable every month for credit cards would differ for various issuing banks and ranges from 5% - 20% of the total amount billed.
  
  
• There is a fixed billing dates cycle available for the convenience of the customers that a card follows a monthly date of billing and this date will be notified to you when you receive the first billing statement.
  
  
• A duplicate copy of the statement can be obtained by paying a nominal service charge levied by the respective card issuer.
  
  
• Those who are not able to pay back the monthly amounts, a reminding telephone call will be given from the card company to pay the outstanding amount. If one ignores this, collection agents representing the card issuing bank or company will visit the house at abnormal hours causing the family considerable embarrassment.
  
  
• The free period or grace period of credit is another good feature of using credit cards. The card issuing institution allows you some time before you pay them. You also have the option to pay a part of the total amount spent and carry forward the balance amount, on which you pay interest. The period from the date of purchase to the day you must settle the bill is known as the grace period.
  
  
• Credit card transactions and credit card bills available online these days which simplifies life further more. Some banks and credit card companies offer this facility of allow you to access your transactions and statements online through the Internet. However this is an up coming service in India and it will be some time before all credit card companies provide this facility.