^{Customers in need of extra care} Understanding your credit card statement

Understanding your credit card statement is crucial for UAE residents because while credit cards are useful, they need careful handling. This guide is designed to clarify key elements of your statement, especially for those finding it challenging to navigate.

Understanding key components of your statement

• Minimum payment due: This is the smallest amount required to maintain a good account status. It is advisable to pay more than this to avoid higher interest costs.
• Payment due date: The statement clearly specifies a date by which your payment should reach the bank, after which charges may apply.
• Finance charges: Late payments usually incur finance charges, i.e. interest fees. Settling your full bill before the due date avoids these charges, saving you money.
• Late payment fees: Missed minimum payments by the due date incur extra fees, which can accumulate, increasing your debt.

How to pay your credit card bill

• Cash deposits: Head to your bank branch or a deposit machine and your payment will reflect in your account within one day.
• Bank transfers (within the same bank): An easy way to pay off your credit bills, payments usually reflect in one day.
• Transfers from other banks: Typically, it takes up to two days for successful processing.
• Cheque payments: Cheques can take around five days to clear, so factor this in to avoid late fees.