There’s a lot to read on your statement. Before you throw it on the pile with the others, you should understand what each section means, what certain titles are referring to. Here we’ve broken down your credit card statement in an effort to help you understand it better.

Give me the main points

  • You’ve got until 14 or 25 days (depending on the card) after your statement period to make your repayment. This is your ‘payment window’.
  • Understanding different definitions is crucial to paying the right amount each month.
  • You need to pay your ‘closing balance’ to avoid interest charges.

Statement period

A statement period goes for roughly 30 days. When your statement period ends, you’ll have 14 days before your payment due date (but if you have a NAB Low Rate Card, it’s 25 days). These days make up your ‘payment window’.

If you made a credit card payment during your statement period, you’ll see this under your Account summary as Payment & other credits received ('other credits' could include a refund from a store (merchant)).

You need to make payments during your payment window, which is after your statement period ended and on or before your payment due date. Even if you made a payment during the statement period, you still need to at least make your minimum payment; otherwise you’ll be charged a late payment fee. None of us want that.

And don’t forget: unless you pay your closing balance in full by the due date each month, you’ll be charged interest. (More on closing balance in a moment.)

We process any payments before your payment window opens. The payment reduces your closing balance. If your card has a positive balance this will show as credit received and show in your closing balance.

Credit limit and available credit

Credit limit

Credit limit is the highest amount you can spend on your credit card.

Available credit

Your available credit is credit you haven’t used, and is worked out by taking your closing balance off your credit limit, i.e. credit limit – closing balance = available credit. (We’re getting to closing balance next.)

Payment details

Unless you’ve overdue amounts or you’ve gone over your limit, this red box only shows your closing balance, due date (or due now), and minimum payment.

Closing balance

This is the total amount owing on your credit card when we “print” your statement, i.e. once the statement period ends.

If you want to pay off your entire credit card debt for the month, this is the amount you’ll need to pay. If you pay this amount by the due date each month, we won’t charge you purchase interest. For more on this see avoiding credit card interest.

To the left of the payment details box, your account summary breaks down your closing balance (more on that below).

Due date

We must receive payment by this date. This is at least your total minimum payment, or if you want to reduce interest, your entire closing balance. Your previously-mentioned payment window closes at the end of your due date.

If you don’t owe us anything, there’s no payment date on your statement.

Due now

If you’ve a red amount labelled due now, there are two different things that this could be:

Past due amount: any amount you had to pay last month, but didn’t (if you have a payment past due, there’ll be a bold message lower down this page as well).

Overlimit amount: any amount you’ve charged to your credit card above your credit limit.

If you have both a past due amount and an overlimit amount, only the larger of the two is due now.

Monthly payment amount and Total minimum payment

Don’t confuse the ‘monthly payment amount’ with the ‘total minimum payment’.

The monthly payment is the amount due from purchases and transactions made during your monthly statement period.

The total minimum payment is the total of the monthly payment and any past due or overlimit amounts that you have to pay before the due date (you need to pay this amount to avoid a late payment fee).

If you’ve cleared all your credit card debt last month these amounts are the same. We’ll only show you your monthly payment if it’s different to your total minimum payment.

Account summary

Your account summary breaks down your closing balance.

Opening balance

The amount you owed at the start of your statement period. (This date was also the start of your payment window last month.) This was your closing balance on your last statement.

Payments & other credit received

This is anything credited to your account during your statement period; this includes payments made during your last payment window, and any payments you made during your statement period (ie. in the last 30 days or so). It’s important to know that refunds or credits from stores (or merchants) don’t count as payments towards your statement.

Purchases, cash advances & special promo debits (ie. balance transfers)

This is the total of everything charged to your card during the statement period.

Interest & other charges

The total of any interest and fees we’ve charged you during your statement period. If we’ve charged interest, there’ll be a breakdown of your interest near the end of your statement. It shows your exact interest rates and how much of each type you’ve been charged.

Closing balance

As above, this is the total amount owing on your credit card when we print your statement. This is the amount to pay to clear your entire credit card debt for the month. You need to pay this by the due date each month so you can learn how to avoid being charged interest.

Payment window

This is the 14 or 25 days you have after your statement ends to pay it off. For example, if a card has ‘up to 44 days interest-free’, it allows 14 days after its month statement period ends to be paid off. Similarly, ‘up to 55 days interest-free’ gives you 25 days after the statement period ends. These are your payment windows—the amount of time to pay off your closing balance.

Rewards points

If you earn rewards points – flybuys™, Qantas Frequent Flyer™, or Velocity™ – your total points for the month will be displayed. There’s a breakdown of these points near the end of your statement.

See your different cards

If you’ve a secondary cardholder or a card account which earns points using two different card schemes (ie. Visa, MasterCard®1 or an American Express®2 companion card) each transaction shows which card was used. You can see the card type (A = American Express, M = MasterCard, V = Visa), then the last four digits of the card number.

Disputed transactions

If you’ve contacted us to dispute any transactions, they’re listed separately near the end of your statement.

Important information

Credit cards issued by National Australia Bank Limited. © 2016 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686

1 MasterCard® and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated. Priceless Cities and SecureCode are trademarks of MasterCard International Incorporated.

2 American Express is a registered trademarks of American Express. The NAB American Express Cards are issued by National Australia Bank pursuant to a licence from American Express.

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