Let’s face it—a credit card statement is no one’s idea of a thrilling read. In fact, a boring credit card statement can actually be a sign of a strong financial situation. 

But that doesn’t mean you should forgo your statements for more exciting reading. Reviewing your credit card statement each month can help protect you from fraud. It’s fundamental to maintaining or improving your credit score, which can help you acquire a mortgage, lease a new car, or otherwise borrow to reach your goals. Reading your credit card statement is also a vital part of smart personal budgeting.

Plus, once you understand what to look for in your statement and what each part of it means, reviewing a statement can take less time than you might think.

You’ll find answers to common questions about credit card statements below. These will make reviewing your statements an efficient, smart way to use your time.

What is a credit card statement?

A credit card statement is a document sent to the cardholder every month, either electronically or on paper. The statement is with an overview of the credit card account details, including purchases made with the card, payment due date, minimum payment amount and the balance on the date of the statement.

The “Your Account Summary” section of a statement provides an overview of the important information about your credit card account. It is an excellent place to start your review of a statement.

The “Payments and Credits” is another key section to look at. It lists all the transactions made on the card for the statement period. Payments are outgoing funds, like purchases. Credits are incoming funds, like payments or returns. Both payments and credits will have amounts, descriptions, and dates. Note that the date is the “date posted,” which may be a few days after the date of the actual purchase.

Finally, the “Interest Charges” section of the statement displays any interest charged to the card. Interest is charged on outstanding balances that are not paid in full before the payment due date. Note that cash advances drawn on the card and Mastercard cheques both have different interest rates than purchases made on the card. Also, credit cards can have fixed or variable interest rates.

Where can I find my credit card statement?

Most financial institutions offer credit card statements via mail, e-statements, or both. ATB clients have the option to access theirs digitally through ATB Personal. After logging in, select your credit card, then "Manage account," and finally "View statements."

What statement terms are most commonly misunderstood?

“Minimum payment” and “statement balance” are the two most commonly misunderstood terms on credit card statements. 

The minimum payment on your statement is the smallest payment you can make before the payment due date to remain in good credit standing with the card provider. 

Statement balance is the total amount owing for the card for the statement period. It’s all the purchases made over the statement period, plus any owing balance or interest from previous periods, minus any credits like payments or refunds. If the statement balance is paid in full by the statement due date, the cardholder won’t be charged any interest on their purchases.

It’s a good idea to pay the full statement balance whenever you can. If you can’t, it’s very important to at least make the minimum payment. If you consistently only pay the minimum, think about speaking with an ATB everyday banking advisor to make a plan to pay off your debt and create a budget.

What’s the difference between “credit limit” and “available limit”?

A card’s credit limit is the total amount that can be borrowed on the credit card before overage fees are charged. Available credit is the credit limit minus whatever balance the card is carrying and any pending transactions. A pending transaction on a credit card is a recent charge that has been authorized by the card issuer but not yet fully processed and finalized by the merchant.

For example, if your card had a $1,000 limit and you made $500 in purchases with it in a statement period and had one pending transaction worth $100, the available credit would be $400.

What should I do if I see a purchase on my statement that I don’t recognize or that I want to dispute?

If you see an unfamiliar purchase on your card or you want to dispute a transaction, the most important thing to do is begin the dispute process as soon as you notice the transaction in question. You can learn more in our FAQ on credit disputes.

What happens if I spend more than my credit limit?

Though the details vary by card, going over a credit card limit will usually mean overage fees. Going over your limit can also harm your credit score. 

In fact, keeping your statement balance below 70% of your card limit is a good practice. This can help your credit score, since it signals to lenders that you’re not borrowing more money than you can repay.

How can I make a payment on my credit card?

You can make a payment on your card with a cheque, with an online bill payment, at an ATB branch or by visiting an ATB ABM.

To pay with a cheque, use the payment slip that comes in the mail with the statement.

To pay online, which is faster and easier than paying by cheque, you’ll need to set up your credit card as a bill payee in ATB Personal. Follow the tutorial to do this on the ATB Personal smartphone app or through the website.

You also have the option to set up autopay for your credit card balance, which makes it impossible to forget to make a payment. At ATB you can set up autopay by visiting us at a branch location or you can set up a recurring payment for a fixed amount using ATB Personal.

How can my credit card statement help me budget?

If you make most of your purchases on a single credit card, the statement for that card can be a helpful summary of all your spending for that month. Since this record is created automatically, it’s practically impossible to lose track of your spending with your card—unlike using cash. 

To build your budget, start by looking at your total monthly income and then list your different expenses, including the money spent on your credit card. Use our interactive budgeting worksheet to calculate and categorize your monthly expenses and learn more about your spending habits.

Some credit cards also offer benefits that can save you money, like cash back every month or rewards points that you can use to pay down the balance of your card.

For more information on using credit card effectively or breaking down myths, check out our related Good Advice articles below.