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ADIB Credit Card Statement

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A credit card statement is a record of all the activities performed using a credit card during a certain period. It reflects all the completed payments, obtained credits, incurred interest and charges, and more. Besides these, it also states the balance, the minimum amount to be paid, and the due date for payment. This statement is released every month as soon as your billing cycle ends.

KEY TAKEAWAYS

  1. A credit card statement is a summary statement of your credit card transactions in a specific billing cycle. ADIB bank offers credit card statements to the primary cardholder each month. 
  2. You should check the statement in detail for any discrepancies and report them to the bank’s customer service. 
  3. ADIB credit card statements include sections related to account summary, payment details, late payment notifications, regular reminders, and more. They also offer information about the changes in the interest rate and other terms. 
  4. A credit card statement details even transactions that could be erroneous or duplicated due to identity theft. This can prove helpful in tracking fraudulent transactions. 
  5. Regular examination of credit card statements can lead to better financial planning.
  6. You can avail of your ADIB credit card statement either online or offline. For the former mode, you can connect with the customer centre of the provider or avail of mini statements at ADIB ATMs or by post. The online statements, on the other side, can be received via net banking, the bank’s mobile application, or at the registered e-mail ID.

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All banks in the UAE offer credit card statements to help you monitor your expenses. With a comprehensive credit card statement that offers an aggregate record of your credit history, you can easily create a budget for further expenses. This article sheds light on what is a credit card statement, the included sections, how to get a card statement, and its benefits with special attention to the ADIB credit card statement. 

ADIB Credit Card Statement: An Overview

ADIB sends credit card statements to the primary cardholder every month for scrutiny. By following these steps, the cardholder can make use of the ADIB credit card statements:

  • Check the card statement thoroughly and verify all the transactions. If there is an unauthorised transaction, it should be immediately reported to the bank. 
  • Seek a copy of the transaction record from the bank if you don’t remember a transaction mentioned in the statement. If it is found that the card owner is not liable to pay for the transaction during the investigation, ADIB reimburses the charges to the card account.  
  • Prompt the bank in writing if there are some changes in your details such as an address, contact number, email ID, P.O. Box number, and so on, as the ADIB credit card statement is sent to the last informed address provided by the cardholder in writing. 

Sections of Understand HSBC Credit Card Statement

The following sections are included in a credit card statement:

Section I: Statement of the Card - This section has sub-sections including:

  • Total due amount
  • Available cash limit 
  • Total credit limit
  • Credit limit available
  • Due date for payment
  • Minimum amount to be paid

Section II: Past Dues - The sub-sections in this part of the credit card statement include:

  • Current dues
  • Minimum due amount
  • Over-limit extent (if applicable)
  • Dues for the previous month
  • Dues for the last two or three months

Section III: Reward Points Summary - This section includes:

  • Earned points
  • Closing and opening balance
  • Adjusted points
  • Disbursed points

While you will find numerous elements in ADIB credit card statements, the major ones are:

  1. Summary of Activity: This encompasses all the transactions done using the card like payments, balance transfers, purchases, cash advance, as well as amounts past their due dates, fees, interest charges, and credits. Notably, credit card statements also mention your new balance, current credit limit, and the due date of the billing tenure. 
  2. Payment Details: This includes the aggregate balance, the minimum amount to be paid, and the due date. The payment is considered to be on time if it is received by the time specified by the bank. 
  3. Late Payment Caution: This section mentions if there are any additional fees and the applicable high rate of interest charged due to late payment 
  4. Minimum Payment Warning: It estimates how long would it take for you to repay the credit card amount if you opt to pay the minimum amount each month. This part also mentions the amount will you be paying including the interest as per your minimum amount.
  5. Notification Specifying Changes in Interest Rates: If you are going to be charged the penalty rate or any other rates if modified by the bank, you will be informed regarding the change in rate here. 
  6. Transaction List: This section in your credit card statement displays all the transactions completed since the last statement. You should examine the list carefully and check for any fraudulent transactions or other problems.
  7. Fees and Interest: The card issuer mentions the fees and interest charges in the monthly statement in this part. 
  8. Calculation of Interest Charge: This is a summary of the interest rate charged on various transactions, account balances, and more 
  9. Changes to Account Terms: If the bank plans to make any major change regarding applicable conditions for your credit card account, it will notify you about the same at least 45 days before in the credit card statement prior to implementing the changes. 

Benefits of ADIB Credit Card Statement

While the primary advantage of a credit card statement is that you can monitor your expenses, several other benefits are present for the same such as:

  • Transparency: With a credit card statement, you can easily locate if there are any errors in the transaction information and highlight the same to the bank. This way, you only repay the actual amount incurred and be assured of transparency in all aspects related to your credit card
  • Convenience in Budgeting: With all the information available on the credit card statement, you can classify and track your expenditure. This will prove helpful in saving funds for the future. 
  • Tax Rebates: You can be up-to-date with information about the tax-associated purchases like charity, business expenses, and more with your credit card statement. 
  • Overview of the Expenses: A credit card statement is highly useful if you wish to quickly get a broad view of all your purchases and payments. 
  • Credit Limit Notifications: You can easily discover if you are close to reaching your credit card limit with the ADIB credit card statement, and plan your expenses accordingly.
  • Regular Notifications: The statement serves as a reminder of the due date for payments. By keeping them in consideration and acting accordingly, you can avail yourself of the zero-interest benefit. 
  • Protection Against Identity Theft: Ultimately, one of the most significant benefits of credit card statements is that they allow users to find out about fraud transactions and identity theft. With this feature, you can avoid the charges brought due to fraudulent transactions and maintain your account security. 

Besides all the mentioned aspects, another crucial use of a credit card statement is that it allows you to easily monitor your credit score. With the regular bill payment reminders also included in the statement, you can pay the bills on time and avoid hampering your AECB credit score. 

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How to Subscribe to the ADIB Credit Card Statement?

You can avail of the credit card statement of ADIB both online and offline. To get the statement offline, you will be required to provide a valid address to the bank in written format. However, it should be noted that if there are any changes in the home address, PO box number, or contact details, you will have to mention them in advance to the provider. 

You can also avail of mini card statements at ADIB ATM or opt for online statements. 

To avail yourself of the e-credit card statements, you can go for -

1.Net Banking

  • Log in to your net banking account.
  • Click on the Account option.
  • Choose the “card statement” option. 

2. Mobile Application

Users also have the option of checking ADIB credit card statements using the ADIB mobile banking application. Simply log in to the ADIB Card mobile application and look into your card statement available right there. 

3. Via Email ID registration

You can also register your email address with the credit card account to receive e-statements regularly. It is recommended to connect with the customer care of the bank first to verify the availability of this feature. 

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FAQs 

How regularly can you receive the credit card statement?

You can generally apply for weekly, monthly, or yearly credit card statements depending on the card provider. 

What is the need to register for credit card statements online?

The following are the benefits of e-statements:

  • Free of cost
  • Paperless
  • No effort required to organise them among other papers as you receive them on your email ID 
  • Easy to download and save
  • Highly secure due to the password-protection
Within how many days should you file for any discrepancies?

Generally, banks require you to report any issues in the entries provided within the seven calendar days from the date of credit card statement issuance. 

How to report to ADIB in case of any unauthorised transaction mentioned on the credit card statement?

If you find any errors in the statement, connect with your Branch or connect with the ADIB customer service.

Is the online statement the same as the paper statement?

Yes, the online credit card statement is similar to the paper statement. However, the credit card number may be blurred by certain institutions due to security reasons.

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