GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Billing Statement


Synonyms:account activity, invoice, record of transactions, summary
Filed Under: financial-banking
Tags: banking
 

Definition of billing statement

billing statement
1. The monthly bill sent by a credit card issuer to the customer. It gives a summary of activity on an account, including balance, purchases, payments, credits and finance charges. Important changes to a credit card account are often included in small-print fliers that are sent with the statement.

Related Terms and Acronyms:

  • billing cycle   The number of days between the last statement date and the current statement date.
  • grace period   If the credit card user does not carry a balance, the grace period is the interest-free time a lender allows between the transaction date and the billing date. The standard grace period is usually between 20 and 30 days. If there is no grace period, finance charges will accrue the moment a purchase is made with the credit card. People who carry a balance on their credit cards have no grace period.
  • passbook   A book used to record all banking transactions for a designated account.
  • penalty rate   Several percentage points higher than a card's current annual percentage rate, which goes into effect after two late payments. On some cards, a single late payment triggers a penalty rate.
  • previous balance   Some credit card issuers base finance charges on the amount owed by the account holder at the end of the previous billing cycle.
  • statement   A detailed record of transactions in a bank customer's account(s) for a certain period, usually each month, which shows debits, credits, transfers, payroll deposits, account balance, cheque fees, service and interest charges, ATM activity, etc.

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