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RAKBANK Credit Card Statement

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Managing credit cards properly is one of the most important responsibilities that comes with owning one. Credit card statements play a crucial role in the proper management of credit cards and maintain your credit score in the high or very high category. Your statement will offer insights into the transactions you have made in the previous billing cycle and hence facilitate proper tracking, transparency, safety against fraud and more. This article will cover all the important details that you must know about RAKBANK credit card statement including the important sections, how to read it, how to get one and the benefits of knowing your statement in detail.  

Key Terms in RAKBANK Credit Card Statement

Following are some key terms that you will find in your RAKBANK credit card statement:

  • Transaction Date: The transaction dates mentioned in your RAKBANK credit card statement are the dates on which your payments went through for each purchase. These dates may differ from the actual date on which you confirmed the transaction since banks may take a while to allow the payments at times.
  • Billing Cycle Dates: There are two important dates in a billing cycle – beginning and end. All payments you make using your credit card within these dates are used to calculate the total amount due for the cycle. Any payments made after the billing cycle end date is considered a part of the next cycle. Most billing cycles are 30-day-long which is why credit cardholders may also refer to them as monthly bill cycles. However, credit card billing cycles can range anywhere between 20 to 45 days in general.
  • Statement Issue Date: The statement issue date is the date on which RAKBANK issues your credit card statement. It may or may not coincide with your billing cycle end date. If statements are issued a day or two later, your statement issue date and billing cycle end dates will be different. 
  • Grace Period: The 15-20 days given to credit cardholders for repayment of their due bill for the previous cycle are known as the grace period. The grace period begins right after your billing cycle ends. 
  • Total Amount Due: The sum mentioned in the total amount due is the money you owe the bank for the billing cycle that just ended. You get a grace period of 15-20 days to repay this due amount. Your due amount does not incur interest before the grace period ends. 
  • Minimum Amount Due: The minimum amount due for your billing cycle is the minimum sum you must pay before the end of the grace period to avoid a late payment fee. If the minimum sum due is not paid, the overdue credit card balance incurs interest as per APR as well as a late payment fee. 

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Sections of Understand RAKBANK Credit Card Statement

Reading your RAKBANK credit card statement properly will require you to understand the components of your RAKBANK credit card statement properly. Every credit card statement is divided into a few different sections. Each of these sections offers information about different aspects of your RAKBANK credit card. Let’s cover them one by one:

Account Information

Generally located at the top of the statement, your account summary section will contain:

  • Personal information such as the name on the card, phone number and email, etc. 
  • Address of the cardholder
  • Complete account number or the last four digits
  • Statement issuance date
  • Beginning and end dates of the billing cycle 

Account Summary

The account summary section of your RAKBANK credit card statement will give you an overview of the transactions you made in the previous month. You can use this section to know the overall expenses you made using your card and the total bill due for the month. The section contains:

  • Total payment due for the billing cycle 
  • Total balance that was due for the previous cycle (for reference purposes only)
  • Available credit limit after subtracting the payment amount due
  • Any charges and fees applicable on the RAKBANK credit card like balance transfer fee, cash advance fee, etc.  
  • Minimum balance due for the cycle to be paid before the grace period ends 

Purchases

This section is dedicated to a detailed summary of all the transactions you have made on the card during the billing cycle. You get everything from merchant name to paid amount and transaction reference number here. This section contains:

  • Transaction dates for every credit card purchase you made
  • Names of all merchants or vendors
  • Categories of the merchant: for example, international spends, groceries, domestic spends, travel, retail, etc. 
  • Amount paid for each transaction
  • Easy monthly payments active on the RAKBANK credit card, if any

Reward Information 

  • The reward balance you previously had
  • Earned rewards in this cycle
  • Rewards available for redemption in the current cycle
  • Previously redeemed rewards

Payment and Credit Information

  • Available credit limit on the card
  • Paid interest & fees 
  • Minimum due balance
  • Total payment due

Additional Charges – Interests and More

  • Cash advance interest or fee
  • Interest applied on purchases if any
  • Fee or/and interest for balance transfer facility

Fine Print of the Account 

  • Contact information for RAKBANK customer service cell
  • Credit card terms related to interest rates, etc. with explanation

Benefits of RAKBANK Credit Card Statement

Let’s look at some important benefits of checking your RAKBANK credit card statements regularly:

  • Overview of the expenses 
  • Spot fraudulent transactions
  • Avoid increased interest rates and penalties 
  • Easy tracking of payments
  • Ideally transparent operations
  • Proper information about your dues
  • Catch billing errors in time

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How to Check Your RAKBANK Credit Card Statement Online?

You can check your RAKBANK credit card statement using a few different online and offline methods available out there. Let’s cover these methods and the steps to check your RAKBANK credit card statement. 

Online Platforms 

There are three easy ways to check your RAKBANK credit card statement online – net banking, mobile and email subscriptions. Let’s cover the steps involved with each of these methods: 

RAKBANK Digital Banking 

  • Go to the personal digital banking page of RAKBANK using your laptop or mobile. 
  • Log in using your RAKBANK customer id and password. 
  • Head to your customer profile and locate the credit card section in it. You may find it in the main menu of your digital banking account. 
  • Open this section and select the credit your wish.
  • Scroll and navigate through the available services for your RAKBANK credit card and locate the e-statement tab.
  • Open and download your RAKBANK credit card statement for the current or previous months as the service entails.  

RAKBANK Mobile Banking 

  • Go to your App Store or Google Play Store and download RAKBANK digital banking application. 
  • Sign in using your customer ID and password. 
  • Go to the main menu of your RAKBANK account and locate the credit cards section. 
  • Open this section and find the credit card you are looking for. 
  • Navigate the options and services available for this card and find the e-statement tab. 
  • Click and download your e-statement for RAKBANK credit cards.
  • You may also be able to download the RAKBANK credit card statement for previous months. 

Email Subscription

You can also get an email subscription for your RAKBANK credit card statements. The bank provides this service by default to all credit cardholders. If you do not have this service as of now, connect with the bank using the customer support number and ask for this service to be activated. You will receive a monthly credit card statement once your email subscription is active. 

How to Check Your RAKBANK Credit Card Statement Offline?

You can also get a subscription to receive physical RAKBANK credit card statements. Visit a nearby branch of RAKBANK and connect with a credit card executive. Ask them to help you with a physical statement subscription. Pay the applicable fee here and get the subscription. Your statement will be now delivered to your verified postal address every month.

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RAKBANK Credit Card Statement FAQs

How can I download my RAKBANK credit card statement?

You can use either mobile banking or net banking to download your RAKBANK credit card statements. 

Can I get a physical copy of my RAKBANK credit card statement?

Yes, you can subscribe to the physical RAKBANK credit card statement at a nearby branch of the bank.

 

Is it possible to check the RAKBANK credit card statement using net banking?

Yes, you can check your RAKBANK credit card statements using your digital banking account.

Do I have to pay extra to get a RAKBANK credit card statement?

RAKBANK e-statements are free of charge. However, you will have to pay an additional fee to get a physical copy of your RAKBANK credit card statements.

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