Use these interactive credit card statements to familiarize yourself with the conditions and general information usually contained in a real credit card statement. Move the cursor through the statement to show an explanation for each term. Account activity SummaryA summary of transactions on your account – your payments, credits, purchases, net transfers, cash advances, fees, interest charges and outstanding amounts. It also shows your new balance, available balances (your credit limit reduced by the amount you owe) and the last day of the settlement period (payments or fees after that date are displayed on your next bill). For example, if your bill is due on July 4 and the credit card company does not receive mail that day, your payment will be made on time if it arrives by mail on July 5 at July 17.m. Transactions – Fees Credit card companies must list separately the fees and interest charges on your monthly bill. Interest expense must be indicated by type of transaction (for example. B may charge you a different interest rate than cash advances in the event of a purchase). Minimum Payment WarningAn estimate of the duration of your credit card payment may be required if you only pay the minimum payment each month, and an estimate of the amount you are likely to pay, including interest, to pay your bill in three years (provided you don`t have any extra charges). Other estimates of payments and delays can be find in the credit card refund calculator. Notice about changes to your interest ratesIf you trigger the penalty interest rate (for example.
B by exceeding your credit limit or paying your bill late), your credit card company can inform you that your interest rates will rise. The credit card company must notify you at least 45 days before the price change. Significant changes in your account terms If your credit card company increases interest rates or fees or makes other significant changes to your account, they must notify you at least 45 days before the changes come into effect. who? Their summary should be drawn up by someone who has some understanding of this type of agreement, who has an analytical mind and who especially likes to go into detail. You can ask your lender to do so. If they agree to do so, they can incriminate you, but they will ask the lawyer who has just devised the agreement for them to summarize the agreement. What you get is a slightly abbreviated version of your original document. I`ve seen a few of them; It wouldn`t be my first choice. Only those involved in the agreement can sum it up, can`t they? No, a stranger can do it. It would be more effective for an involved person to prepare the summary, but one of the potential problems is that they might be inclined to summarize their understanding of the intent of the agreement – which may not be exactly as it was written. On the other hand, a foreigner will summarize the agreement as it was written, as a judge would interpret it.
I did it myself both ways. Both work, although as a foreigner, you spend a little more time settling parts of the agreement with someone who has been directly involved. What do you mean? Remember, Goal 1: You don`t summarize the full agreement itself; They will only summarize the requirements of the agreement for the future. So the best way to get started is to list the topics you want to group together.