Our guide to credit card statements
A credit card statement should tell you everything you need to know about how you’ve used your card, including what you’ve spent, how much you owe, the interest rates and when you need to pay it off
What is a credit card statement?
A credit card statement in the UK is an itemised list of all your credit card spending over the past month, letting you know how much you owe in total, the minimum payment you must make and when you need to make that payment.
It will also provide details on interest rate charges and how much of your credit limit is still available to spend.
How often will I receive a credit card statement?
You’ll usually get a credit card statement each month. This might be in the post or online. You’ll typically have 21-25 days from the date of the statement in which to make at least the minimum card repayment.
Can I change the date my statement is issued?
You can change the date your payment is due, which in turn will change the date your statement is issued.
If money is tight it can be useful to set the payment due date shortly after you receive your salary each month, giving you enough funds to clear your credit card balance in full as a priority.
Whether the change of date is applied to your upcoming statement or the following one will depend on when you make the request and the credit card provider’s processes.
What do I need to look out for on my credit card statement?
A lot of information can be packed into a credit card statement, but there are a few key areas to look out for. These include:
Activity summary: An overview of your purchases, outstanding balance, available credit, balance transfers, fees and any interest charges
Payment due date: The date by which your card provider will need to have received at least your minimum payment from you to avoid a late fee
Minimum payment: The amount you need to pay by the payment due date to avoid any late payment charges
Transactions: A list of purchases and payments made since your last bill, including the date, the amount and where the transaction was made
Fees: Detailing any fees you’ve been charged for late payments, under payments or breaking your credit limit
Interest rates: You can be charged different interest rates depending on how you use the card. These can change over time. Contact your provider if anything is unclear.
How long should I keep my statement for?
This is down to personal choice but credit card companies may give you up to 60 days to report an error on your statement, although some extend the time frame. Always remember to carefully check your statement. Retaining copies can be useful.
With many credit card customers opting for digital statements you should also be able to log-in and retrieve historic statements should you need them for tax purposes or any other reason. This can save on accumulating paperwork at home.
How do I access my credit card statement?
While you can often choose to receive a paper statement through the post, you can also opt to go paperless, with current and previous credit card statements available to be viewed or downloaded at any time when you log into your account through the provider’s website or app.
How do I make a credit card payment?
Credit card payments can be made any time over the phone, online or through a banking or credit card app. While you can pay off any amount from your outstanding balance, you’ll typically be shown your:
Balance in full. Paying this off will clear what you owe so you generally won’t face any interest charges at all. It’s the most effective way to use a credit card
Minimum monthly repayment. This is the amount you must pay by the given date to avoid being charged a penalty fee. If you only make the minimum monthly payment and you still have a balance on your card you’ll start to accrue interest on the outstanding debt. It’s a good idea to aim to pay more than the minimum monthly payment whenever you can
Can I pay more than my credit card statement balance?
If you pay more than you owe on your credit card balance, you’ll have a negative balance meaning the credit card company owes you money. As you continue to spend you’ll use up this credit. There’s no real harm in paying more than your card statement, although it does mean you’ll have less in your current account and stops you from being able to use it for other spending or earn any savings interest on your cash.
What does CR mean on a bill or bank statement?
CR stands for credit, so when you see this on a bill or bank statement it means you are in credit – in other words, you have surplus money in your account. In contrast, DR stands for debit which is the amount you owe on a bill, such as a credit card bill. Or the amount you are overdrawn on a bank statement.
How do I dispute charges on my statement?
If you believe you’ve been wrongly or unfairly charged on your credit card, contact your provider to explain why. If you can’t resolve the issue your provider should explain how you can raise a dispute. Typically this will involve getting in touch online, over the phone or in writing to formally lodge the complaint.
If you spot any transactions that you don’t recognise you should also contact your credit card provider immediately in case you have been a victim of card fraud.
There can be a number of reasons you might want to challenge charges on your card statement. These include...
Being charged the wrong amount for an item
Being charged for a payment you didn't make
Being charged for an item you didn’t receive
Not receiving a refund when you returned an item you purchased
Your statement was sent to the wrong address, so you didn’t pay it on time
If you’re not happy with the resolution, you can take your case to the Financial Ombudsman Service. The Ombudsman’s service is free and independent and it can consider your case after your card provider has had your complaint for at least eight weeks or if the solution the provider offered you was not satisfactory. The card company must abide by the FOS final decision.
Other useful guides
For more information about credit cards and charges read our detailed guides:
Compare credit cards with MoneySuperMarket
Comparing credit cards is quick and easy with MoneySuperMarket. We’ll ask you a few questions about your finances and what you need from a credit card. Then our eligibility checker service will find cards from our leading panel of UK providers – highlighting your chances of getting a particular card and any cards which you might be pre-approved for. It’s a soft search so it won’t harm your credit rating.
MoneySuperMarket is a credit broker – this means we’ll show you products offered by lenders. We never take a fee from customers for this service. Instead we are usually paid a fee by the lenders, but the size of that payment doesn’t affect how we show products to customers.
What does a negative balance mean on a credit card statement?
If you have a negative balance on a credit card statement it shows that the credit card provider owes you money, rather than the reverse. This could be because you have received a refund from a retailer to your card, or you have overpaid on your balance. In some cases it may be possible for your card issuer to pay this credit balance back into your bank account so contact your provider.
Will I receive an annual credit card statement?
You should receive an annual statement every year within a month of the anniversary of the date that you first opened your card account.
Can I opt out of receiving credit card statements?
You can opt out of receiving credit card statements through the post. Your statements will be available to be viewed or downloaded at any time when you log into your account online.
Can I pay off my credit card statement online?
Yes, UK credit card providers offer online payment options through their websites or mobile apps, allowing you to conveniently settle your bills digitally.
What is the minimum payment on my credit card statement?
The minimum payment is the smallest amount you must pay by the due date to avoid any charges. Paying more than the minimum payment reduces interest and speeds up repayment.
Can I make a partial payment on my UK credit card statement?
Yes, you can make a partial payment, but ensure you pay at least the minimum amount due by the due date to avoid late fees and negative impacts on your credit score.