Understanding your credit card statement

To get the best from your credit card, it’s important that you understand your statement and stay on top of your payments.

A credit card can be a convenient tool to help you stay on top of your cashflow. And to get the best from it, it’s important to stay on top of your card payments. By always paying on or before your payment due date, you can enjoy the benefits of your card without paying unnecessary interest and fees. In this article we’ll explain how.

It's important to check your credit card statement each month. 

Closing balance

This is the outstanding balance on the credit card account at the end of the statement period and includes purchases, fees, any unpaid balance from the previous statement and other transactions made during the statement period.

The minimum payment due

This is the minimum amount you need to pay to avoid being charged late payment fees. It’s a good idea to pay more than the minimum if you can and the more you pay, the less interest you’ll incur. We recommend that you pay the balance off in full each month, if you can, to minimise interest charges. However, you need to pay at least the minimum amount. 

The payment due date

For ANZ credit cards, this is the date we need to receive payment by. If we don’t receive at least the minimum payment due by that date you may be charged late payment fees. You’ll also incur interest on your card if you don’t pay your balance off in full by the due date.

Remember, the payment due date is the latest date we need to receive the payment – so if you’re transferring money from another bank, you should allow one to two business days for the payment to be processed and appear on your credit card. 

If your credit card has interest-free days, paying the balance in full each month will ensure you don’t pay interest on your purchases.

Amounts payable immediately

Your statement may also include details of amounts that you need to pay immediately.

Overdue amount

If you didn’t make at least the minimum payment due from your last statement by the due date, an overdue amount will appear on your statement (if it is still overdue). 

Overlimit amount

This is where your outstanding balance is higher than your approved limit. For example, if you have a limit of $1,000 and your outstanding balance is $1,100, your statement may show an Overlimit amount of $100. At ANZ, this amount will be included as part of your minimum payment due. At other banks, it may be displayed as a separate amount.

It’s important to pay these amounts immediately, because if you don’t it may mean your credit card provider will stop your card from working for a period of time.

Easy ways to help make sure you always pay on time

Set up a direct debit

Some credit card providers (including ANZ) allow you to set up a direct debit that automatically pays an amount you select off your credit card balance each month – for example, you could choose to repay the full balance, a set amount or the minimum payment due. It’s a great way to just setup your credit card repayments so you don’t miss the due date.

Set up a reminder

If you’re an ANZ customer, you could also set up an alert via Internet Banking or the ANZ goMoney app, so you receive an email or text reminding you when your credit card payment is due.

Important information

The information is current as at August 2020 and may be subject to change.

Information in this article refers to personal credit cards, is general in nature only and does not take into account your personal objectives, financial situation or needs. The information may not reflect how interest and charges are calculated under your credit card conditions of use. We recommend you review your personal credit card conditions of use for information about the terms that apply to you. Talk to us for financial advice and see our advice statement.

Lending criteria, terms and fees apply to all ANZ credit cards. See Rates, fees and agreements for more information