Credit Card Statement Generator: Fill & Download for Free

Advice: Crack the credit card mystery!Have you ever thought why credit cards are available for free?There is a good saying: “There is no such thing as free lunch”The banks are there to do business and earn money and not to do charity. Now let’s see how banks get benefits from giving credit cards for free.Their business model is simple: “Wait for the credit card holder to miss the payment cycle due date or just pay the minimum amount due”.We all know that credit cards have a fixed monthly cycle of payments. For example, if the cycle period is 5th Jan to 4th Feb, then all transaction done in that period will have to be paid within a given time. They generally give a grace period of 15 days. Hence if the cycle is from 5th Jan to 4th Feb, the bill will get generated by 5th Feb and you will have to pay the due amount by 20th Feb. The transactions done after 4th Feb will get billed in the next cycle which is 5th Feb to 4th March and so on…How many of you pay the complete credit card bill before the due date?How many of you just pay the minimum amount due?If you are missing the credit card bill or just paying the minimum amount due, you are generating income for credit card companies by paying an enormous amount of interest.Out of 100 people, how many people just pay the minimum amount due? I guess 80.What about the rest of 20 people? I guess 10 pay the entire bill and 10 do not even pay the minimum amount due.NOW ASK YOURSELF, WHICH CATEGORY YOU FALL INTO?Those 10 people who pay the entire credit card bill before the due date.Those 10 people who do not even pay the minimum amount due before the due date.Those 80 people who keep paying the minimum amount due.If the answer is option 1, then the credit card company hates you because you only take benefit of their services and do not give anything in return.If the answer is option 2, you are the highest source of earner for credit card Companies. They simply love you.If the answer is option 3, you are those unlucky people who think that you are paying the minimum amount and hence there is no “extra” interest. I feel pity for you folks. Not because of your ignorance but because this is not your fault.Even I use to fall under category 3 couple of years back when my friend explained to me about the interest I was paying.Let’s explore each category:CATEGORY 3: MINIMUM AMOUNT DUE PAYMENTDo you remember the statement mentioned on your bill regarding the minimum amount due? Well, it says:“Pay minimum amount due in order to avoid late payment fee”But it doesn’t mean that you will not be charged any interest on the rest of the due amount.This is a TRAP. In fact, you can’t even see the interest charged on the due amount in your mini statement as it will be added to your minimum amount due in next cycle.You need to check the detailed statement to understand the interest breakup. The interest is as high as 3% per month which is 36% a year.For example, you have a credit card bill of 1 lakh and every month you are paying the only minimum amount due and not making any extra purchase. The minimum amount due is generally 5% of total bill. It means that by the end of 2 years you are paying extra Rs ~54,000/-Interestingly, if you keep paying the minimum amount due, then by the time you will complete your entire payment, you will end up paying an interest of 1.32 lakh. This is even more than what you spent.My advice is to borrow money from friends, family, relative, etc. and pay the full amount due. Even if you take the loan to pay the bill, the interest on the loan will be much less than ~36% interest which you need to pay to credit card companies.CATEGORY 2: DO NOT EVEN PAY MINIMUM AMOUNT DUEFor those who are falling in category 2, I have all my sympathy with you. The charges and interest rates are crazy for this category. Hope you get wiser and pay your credit card bill on time. You can google the exact charges on your credit card.CATEGORY 1: FULL PAYMENT BEFORE DUE DATEThese are the people who enjoy the benefits from credit card companies. Since they are only a small percent, just 10 out of 100, credit card companies don’t mind in giving the benefits.PERSONALLY WHAT BENEFITS I ENJOY FROM THE CREDIT CARD?Free lounge access in airports: This is the best benefit among all. I get 1 free lounge access per quarter and I try to make the best use of it. The lounges are of 5-star category and you get a free buffet. When everyone keeps waiting to board the flight in the common area, I sit back on the recliner sofa with a glass of juice while thinking about this luxury for free!Buy 1 get 1 movie ticket: Though the time slot to book tickets is fixed, I have still booked tickets to get the free movie ticket. Definitely worth it!High Credit Score: This is used by banks to check your credit score. A healthy credit score helps you negotiate well with the bank in getting higher loan amount at lower interest rate.Other benefits: I get reward points on each purchase and I redeem it to get other benefits.This is the benefit I am getting on my card and likewise, there are many better cards with even better benefits. I wish I qualify for those cards to enjoy the other benefits.CAN WE MOVE INTO CATEGORY 1 FROM CATEGORY 2 AND 3?Yes of course! However, you will need one quality: DisciplineJust make sure that you spend only the amount which you are capable of paying at the end of each cycle and control your expenses. Just because you have a credit card doesn’t mean that you can spend the entire amount until you exhaust your limit. Always remember that you might not have to pay the money upfront but you will eventually have to pay the money in coming days. The window of payment is between 1-50 days. If you can’t control your expense, then it’s better to start a SIP with mutual fund. This will automatically deduct your money every month. Hence, you will not be left with “extra” money for unnecessary expenses.However, if every one of us become so smart then credit card companies will fall into losses and I am afraid that they might discontinue those amazing benefits. But looking at the current situation, it is very difficult for those 90 people to get into category 1. Till then let’s enjoy the benefits of the credit card!EDIT:Credit Card Companies Source of Income:Interest from card holders on failure to pay the amount on time. This is the biggest chunk of their income.Transaction fee from merchant: Every time there is a transaction, a specific amount is charged to the merchant.Fees: Annual fees on some credit cards. This is mainly with cards providing more benefits than normal card.Cheers!In case we are meeting for the first time,Hi, I am Sahil and I educate people on personal finance.Thanks for reading my answer.Follow me for more answers on money management: Sahil Bhadviya

It is most profitable business in current situation. Normal people will think Cyber cafe has only PC, Internet and print out. If you provide following services then you can earn more than 1.5 lakhs only in direct profit.(personal experience from Chennai).Fund transfer and micro atms. People need immediate transfer and if your cafe is open from 9 am to 10 pm you can cross 800 to 1500rs per day. Bank Holidays higher profits.Train ticket agent. Avoid personal login booking. Non bailable offense.Seat seller Agent(red bus).Flight ticket, Tour planner and hotel booking.Visa Services and passport.Pan card and DSC.IT returns and GST filings. Tie up with local Tax people or learn yourself. IT return filing for Salaried people is much easier.EB payment, postpaid, rechargesCredit card payment.Movie ticketsCollege and school fees paymentsExam fees(state and Central)Online form filling for exams from Neet to UPSC.Certificates from caste, Employment, Life, birth and death.Corrections in Aadhar, PAN any online documents.Life insurance renewals and royalty if you are LIC agent.bike and car insurance, road tax etcCurrency exchangeXerox , Plastic card , Color print out & Lamination For cropping, resizing additional cost.PF update and withdrawal.International and local Courier if you have space.Ola collections, Paytm KYC etcTTD, Sabarimala, Shirdi darshans.Typing in local languages & EnglishLand EC checking, Online tax paying like water, property etcIn some states there are different online schemes to get enrolled, renewals and withdrawals.CIBIL Score certificateCredit card swiping(2 to 3% commission)Moreover with digital India, people are looking for local knowledge nearby.All payments are becoming digital and cyber cafes with good reputation will give you best returns. Make sure your cafe never closes on any day even for lunch break. Trust, reliability, friendliness will yield positive feedback from customers.No matter how many Smartphones, Paytm, TEZ services comes, People looks for specific Knowledge locally. You can be creative and make changes as per consumer needs and requirements in future.Your cafe should be one stop solution for all. Use credit cards to make online payments which gives you back rewards points in most cases.Reward points alone provides more than 1 Lakh if you use continuously(indirect profit) and specific bank cards only provides 4x to 10x benefits while using online.Make sure you use Credit card after statement date so that the money will be in rotation for 50 days. My Statement generates on 10th January and due date is 30th January. I will start using from 11th January and Next due date is on February End or March 1st week. That gives me 45 to 49 days.Have 3 to 5 or more credit cards and be calculative on when, where and how to use. Minimum use if emergency arise.CAFE should be at center point or near to bank area for visibility. Even top geek will have to set foot once to avail one of the services above. Trust is one thing that make business popular. It takes more months to avail.Google, Digital God.

Minimum Due Amount - It is the minimum amount which you need to pay, so that your card remains active. It is generally 5% of the total due amount.Total Due Amount - It is the total billing amount which you need to pay within the due date.Let me take an example so that it will be more clear to you.Suppose the billing date of your card is 2nd of every month. So your bill be generated on 2nd of every month and you will be asked to pay before 17 of every month (15 days to pay the bill). In this case your bill on 2/2/2017 is lets say 6000.Here the Total amount due is ₹6000.And Minimum Amount Due is ₹ 300.Advice- Always try to pay the Total Amount due. Because if you pay the minimum amount due then the rate of interest is charged on the remaining amount from the date of purchase and interest is also charged for the current month statement as well. The interest rate are quite high it's nearly35–40%/annum (varies from bank to bank).Hence, Credit card can be a bane if not used wisely.Hope this explanation helps….