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Understanding your credit card statement

Understanding your credit card statement

A credit card statement is a summary of your spending and payments for a set period of time, usually monthly. You should check your statements regularly to find out how much you need to pay, when you need to pay it by, what rates you’re being charged, and to make sure you recognise all the transactions listed.

How to understand your credit card statement

Your credit card statement is available to view every month, either online or on paper through the post.


Your credit card statement explained

You’ll find your credit card balance clearly displayed on your statement. This includes all interest and fees charged up until the date the statement was produced, as well as any transactions and transfers for that period, plus any payments you’ve made.

You might also find changes to your terms and conditions on your credit card statement, as well as other useful information, like upcoming changes to interest rates.

It’s important to check your transactions to make sure there’s no fraudulent activity on your account. You might not instantly recognise some of the transactions listed as businesses sometimes use or trade under a different name.

A quick check online might help you with this. If not, get in touch with us as soon as possible.

Things to look out for on your credit card statement include:

  • Outstanding balance – this shows you how much you owe on the date your statement was produced.
  • Minimum payment due – this is the minimum amount you need to pay every month to your credit card provider, usually calculated as a specific percentage of your balance.
  • Payment due date – this is the date your minimum payment is due. If your payment is late, you’ll most likely be charged a fee and could lose any promotional offers.
  • Interest rates – the rate of interest for each type of transaction, e.g. card purchases.
  • Payment allocation – in simple terms, balances with the highest interest rates will be paid off first. For full details, please check your terms and conditions.

From your statement, it should be clear how much your monthly payment is and when it’s due by. There are many ways to make your payments.


Checking your statement with MBNA

You can view up to 12 months of your credit card statements online with MBNA. Simply log in or register for Online Card Services to get started. If your account is paperless, you’ll get an email to let you know when there’s a new statement available to view online. Statements won’t be issued if your balance is £0 or there’s been no activity on your account.