--- title: How to read your credit card statement and understand why you may owe a lot more than you thought! description: Demystify your credit card statement & stop overpaying! Discover tips to gain control of your credit card usage & avoid falling into the minimum payment trap. image: https://kornerstoneliving.uownleasing.com/hubfs/AdobeStock_294389526%20%5BConverted%5D.png --- - [Merchant Login](https://merchant.uownleasing.com) - [Customer Login](https://portal.kornerstoneliving.com/) [![KL Uown Logo](https://kornerstoneliving.uownleasing.com/hs-fs/hubfs/KL%20Uown%20Logo.png?width=170&height=96&name=KL%20Uown%20Logo.png "KL Uown Logo")](https://www.kornerstoneliving.com/home) - [Find a Store](https://kornerstoneliving.uownleasing.com/find-a-store) - [Solutions](https://kornerstoneliving.uownleasing.com/better-solutions) - [K-Protect](https://kornerstoneliving.uownleasing.com/kprotect) - [About](https://kornerstoneliving.uownleasing.com/about) - [Customer Portal](https://portal.kornerstoneliving.com) - [Merchant Portal](https://merchant.uownleasing.com) [![KL Uown Logo](https://kornerstoneliving.uownleasing.com/hs-fs/hubfs/KL%20Uown%20Logo.png?width=170&height=96&name=KL%20Uown%20Logo.png "KL Uown Logo")](https://www.kornerstoneliving.com/home) - [Find a Store](https://kornerstoneliving.uownleasing.com/find-a-store) - [Solutions](https://kornerstoneliving.uownleasing.com/better-solutions) - [K-Protect](https://kornerstoneliving.uownleasing.com/kprotect) - [About](https://kornerstoneliving.uownleasing.com/about) - [Customer Portal](https://portal.kornerstoneliving.com) - [Merchant Portal](https://merchant.uownleasing.com) [![KL Uown Logo](https://kornerstoneliving.uownleasing.com/hs-fs/hubfs/KL%20Uown%20Logo.png?width=200&height=96&name=KL%20Uown%20Logo.png "KL Uown Logo")](https://www.kornerstoneliving.com/home) - [Find a Store](https://kornerstoneliving.uownleasing.com/find-a-store) - [Solutions](https://kornerstoneliving.uownleasing.com/better-solutions) - [K-Protect](https://kornerstoneliving.uownleasing.com/kprotect) - [About](https://kornerstoneliving.uownleasing.com/about) - [Customer Portal](https://portal.kornerstoneliving.com) - [Merchant Portal](https://merchant.uownleasing.com) # How to read your credit card statement and understand why you may owe a lot more than you thought! 21 Feb 2024 ![Picture of Kornerstone Living](https://app.hubspot.com/settings/avatar/d41d8cd98f00b204e9800998ecf8427e) [Kornerstone Living](https://kornerstoneliving.uownleasing.com/smart-money-decisions/author/kl) ![](https://kornerstoneliving.uownleasing.com/hubfs/AdobeStock_294389526%20%5BConverted%5D.png) #### **A few basics on credit cards:** 1. All credit cards give you a certain time to pay for the purchases you have made – therefore giving you credit – This is your “*Grace Period*.” 2. The billing cycle is usually 29 to 31 days, and the last date of your billing cycle is your Statement closing date. 3. The payment due date is usually 20- 25 days from the Statement Date, giving you time to pay the balance from your last billing cycle. Some companies give you certain dates in the month to choose. It can be helpful to choose the Payment date that is furthest from your Statement date![Picture1](https://kornerstoneliving.uownleasing.com/hs-fs/hubfs/Picture1.png?width=975&height=231&name=Picture1.png) 4. Notice how none of the dates match. If you choose a specific payment date every month, such as the 6th or 21st, the number of days you must pay your Statement balance will also fluctuate. 5. A minimum payment amount can be set up to avoid being late, but keep in mind, that by not paying off more, you’ll also pay more interest. ***If you only pay the Minimum payment amount of 2 - 3% of the statement balance, it will take 20 years or more to pay off***. 6. The most profitable customers for credit card companies are those who pay the minimum amount and carry their balance over every month. #### **A few tips to avoid never-ending credit card payments.** - Always pay more than the minimum payment amount. If the minimum payment amount is less than 3% of your statement balance and the interest rate is 29.99%, you could be paying the interest only, forever! - A starter credit card with a $500 credit limit, a $100 annual Fee, and 29.99% APR when paying a minimum amount for a year will cost you $250 plus any other fees they may charge. You just paid $250 to borrow $500 for a year! You can find more details on all the terms and definitions on a typical credit card statement below. Interactive Credit Card Statement [https://mycreditunion.gov/life-events/checking-credit-cards/credit-cards/statement](https://mycreditunion.gov/life-events/checking-credit-cards/credit-cards/statement) [https://credit.org/blog/how-to-read-your-credit-card-statement/](https://credit.org/blog/how-to-read-your-credit-card-statement/) ### Share: [Share on Facebook](http://www.facebook.com/share.php?u=https://kornerstoneliving.uownleasing.com/smart-money-decisions/how-to-read-your-credit-card-statement-and-understand-why-you-may-owe-a-lot-more-than-you-thought&utm_medium=social&utm_source=facebook) [Share on LinkedIn](http://www.linkedin.com/shareArticle?mini=true&url=https://kornerstoneliving.uownleasing.com/smart-money-decisions/how-to-read-your-credit-card-statement-and-understand-why-you-may-owe-a-lot-more-than-you-thought&utm_medium=social&utm_source=linkedin) [Share on X](https://twitter.com/intent/tweet?original_referer=https://kornerstoneliving.uownleasing.com/smart-money-decisions/how-to-read-your-credit-card-statement-and-understand-why-you-may-owe-a-lot-more-than-you-thought&utm_medium=social&utm_source=twitter&url=https://kornerstoneliving.uownleasing.com/smart-money-decisions/how-to-read-your-credit-card-statement-and-understand-why-you-may-owe-a-lot-more-than-you-thought&utm_medium=social&utm_source=twitter&source=tweetbutton&text=How%20to%20read%20your%20credit%20card%20statement%20and%20understand%20why%20you%20may%20owe%20a%20lot%20more%20than%20you%20thought!) ## Kornerstone Living ## Comments ## Related posts Search [How do credit card companies calculate your Interest?](https://kornerstoneliving.uownleasing.com/smart-money-decisions/how-do-credit-card-companies-calculate-your-interest) [Budget Bootcamp: Mastering Your Money in Minutes](https://kornerstoneliving.uownleasing.com/smart-money-decisions/budget-bootcamp-mastering-your-money-in-minutes) Search [![KL Uown Logo](https://kornerstoneliving.uownleasing.com/hs-fs/hubfs/KL%20Uown%20Logo.png?width=1500&height=330&name=KL%20Uown%20Logo.png "KL Uown Logo")](https://uownleasing.com/) [![MERCHANT LOGIN](https://no-cache.hubspot.com/cta/default/4659227/interactive-142789733815.png)](https://kornerstoneliving.uownleasing.com/hs/cta/wi/redirect?encryptedPayload=AVxigLKxb4lrGw3xuzCp3q4mRtVySkLxk8u8ugWZJsqF35HGV6zt28W9R4IbWYcS7Ov4xBBzCNqIAAO5J7B%2BWSDvoW3%2BEE57u0Cv0CyiRW%2BMe8NLxBRdzk8AqwQckAUdl%2FcC%2Bvg0Hk2kHSs82mgkU57Rl2b6GODRSunD%2FcSkFCDhfAWp5Al6fA%3D%3D&webInteractiveContentId=142789733815&portalId=4659227) Merchant Support : Phone: (833) 222- 2112 Email: [rs@kornerstoneliving.com](mailto:rs@kornerstoneliving.com) Mon-Sat: 8am-11pm EST Sun: 11am-11pm EST [![CUSTOMER LOGIN](https://no-cache.hubspot.com/cta/default/4659227/interactive-142789733895.png)](https://kornerstoneliving.uownleasing.com/hs/cta/wi/redirect?encryptedPayload=AVxigLKB%2F47xfIdSpNgN7UcFSsUtQNUls84K2oN1mSGknhiHMxjGuHJRtDzQQEdZWeLhe2AeSaJ%2BHNXN3GmtX1SGM%2Fhm2N9EnRaeoOUZxu5p4fbFF0n%2FDwfSCiFGskBcHvdZc%2BsqQL%2B1RPWg%2F6bZcYGNGaxMB0JIhXGCzv6jhkUMtDkEUduJhSzVXQ%3D%3D&webInteractiveContentId=142789733895&portalId=4659227) Customer Support : Phone: (888) 521-5111 Email: [cs@kornerstoneliving.com](mailto:cs@kornerstoneliving.com) Mon-Fri: 8am-11pm EST / Sat:  9am-11pm EST Sun: 10am-11pm EST **Kornerstone Living:** 406 W South Jordan Parkway #600, South Jordan, UT 84095, USA **Uown Leasing:** 10500 University Center Drive, Suite 150, Tampa, FL 33612, USA   [![Kornerstone Credit, LLC BBB Business Review](https://seal-utah.bbb.org/seals/blue-seal-200-42-bbb-90024434.png)](https://www.bbb.org/us/ut/south-jordan/profile/consumer-finance-companies/kornerstone-credit-llc-1166-90024434/#sealclick)   - [Our Story](https://kornerstoneliving.uownleasing.com/about) - [Better Solutions](https://kornerstoneliving.uownleasing.com/better-solutions) - [K-Protect](https://kornerstoneliving.uownleasing.com/kprotect) - [Privacy Policy](https://kornerstoneliving.uownleasing.com/privacy-policy) - [Terms and Conditions](https://kornerstoneliving.uownleasing.com/terms-and-conditions) ## The advertised service is a rental – or lease-purchase agreement (or in specified states, a rent-to-own agreement; a consumer rental-purchase agreement; a lease agreement with an option to purchase; or a consumer-lease agreement) provided by Kornerstone Living or its affiliates. Not available in MN, NJ, WI or WY. Merchant participating locations only. \*90-day purchase option includes a markup over Cash Price (except for 3-month purchase option in CA). While no credit score is required, Kornerstone Living obtains information from consumer reporting agencies to verify identity in connection with a lease application. Not all applicants are approved. Acquiring ownership through leasing costs more than the retailer’s cash price. See lease for details.   Copyright © Mollie, LLC, dba Uown Leasing dba Kornerstone Living 2025. 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