Die Heuning Pot Literature Guide
Credit and Debit
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Adapted from the Federal Reserve’s explanation of a credit card statement.

http://www.federalreserve.gov/creditcard/flash/readingyourbill.pdf

1) Summary of account activity—Shows everything that happened in your account.

2) Payment information—Your total new balance, the minimum payment amount (ignore this and pay as much as you possibly can), and the date your payment is due.

3) Late payment warning—What happens if your payment is late (additional fees and higher interest rate).

4) Minimum payment warning—How long it can take to pay off your credit card balance if you make only the minimum payment each month.

5) Notice of changes to your interest rates–If you trigger the penalty rate (for example, by going over your credit limit or paying your bill late), your credit card’s rate will be go up.

6) Other changes to your account terms—If your credit card company is going to raise interest rates or fees or make other significant changes to your account, it must notify you at least 45 days before the changes take effect.

7) Transactions—Detailed list of all the money you spent. Check thoroughly for unauthorized charges.

8) Fees and interest charges—Breaks out interest charges by type of transaction. (Cash advances are more expensive.)

9) Year‐to‐date totals—The total that you have paid in fees and interest charges for the current year.

10) Interest charge calculation—How they calculate what they charge you.

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