How to understand your Card Statement

 

 

Your statement is like a snapshot of your card. It includes important
information like the amount you owe, the transactions you’ve made
and also the minimum payments due. Let’s break it down.

 

 

Your Account Summary

 

A summary of your credit card balance and transactions. Includes credits and debits.

 

Opening Balance
This is the closing balance from your previous statement.


New Credits

The total of any credits made to your card in that statement period, including any refunds.


New Debits

The total of all new charges on your card for that statement period.



Closing Balance
To maintain your interest free period (if applicable), or minimise further interest, pay this amount by the payment due date.

Minimum Payment Due Date
The date your minimum payment must reach your American Express Account. Pay by this date to avoid a late payment fee. Remember, it can take up to 3 days for a payment to register in your account.

Minimum Payment
The minimum amount payable on your card, set at 2.5% of your closing balance or $30, whichever is greater.

 

 

 

 

Your Credit Summary

 

An overview of the credit position of your card, including how much you owe and how much more you can spend.

Credit summary
 

Credit Limit
The maximum amount that you can spend on your card.


Available Credit

The amount of credit available to spend on your card at the end of the statement period.

Total Balance
The total amount that is owing for the end of that statement period.

 

 

 

 

Minimum Payment Warning

 

 

This shows you how long it would take to repay your balance and the interest you would be charged over that period, should you elect to pay the minimum payment each month. This warning also shows the amount you need to pay off each month to clear your balance in 2 years, the total interest you would pay, and how much you would save compared to only making minimum repayments.

Minimum Payment Warning

 

 

 

 

Your Interest Rates

 

These are the rates of interest that apply to different types of charges on your card.

Interest Rates

 

 

Need some more help?

 

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