Understanding your credit card statement

Get to know your ASB credit card statement. See what's due and how to avoid paying interest.

Let's take a look at an ASB credit card statement. This guide is designed to highlight the key elements you might find on your statement and how to avoid paying interest on your purchases.

To view a full sample statement please click here.

Your account summary

1. Statement Period
You'll find the statement period start and end date at the top left-hand corner of your statement. Your credit card activity between these two dates will be shown on this statement.

2. Credit Limit 
The maximum amount you can spend on your card. 

3. Available Credit
The portion of your credit limit that you haven't used. This is the difference between your total credit limit and your closing balance, and includes transactions processed during the statement period. Pending transactions that have not been processed by the closing date of the statement will be included within the following months' statement.

Balance & Due dates

4. Balance
The total amount you owe on your credit card at the end of the statement period. This will include any previous balances carried across from previous months, any interest or fees, and transactions made during the statement period, minus any payments made. If you pay off this balance in full each month by the due date, you won't be charged any purchase interest. Any amount owing on balance transfers and smart rate purchases are also included in the Balance on your monthly statement. Since these transactions are on 0% interest for 6 months, you can choose not to pay them back straight away and still avoid interest. See 'Special offers' section below for more information. 

5. Minimum Due
At ASB, the minimum due amount is calculated as either 3% of your closing balance or $10, whichever is greater. If you pay the minimum due by the due date, you will not be charged a late payment fee of $4. However, you will still be charged purchase interest or cash advance interest for the statement period.

6. Payment Due
The date you must make the minimum payment by to avoid a late payment fee. Just remember you should aim to pay your closing balance in full each month to avoid paying purchase interest. Depending on which credit card you have, the due date is either 20 or 25 days after your statement period end date.

Transactions & Interest rates

7. Transaction Details
A list of all the purchases, cash advances, interest and fees charged to your credit card during the statement period, as well as any credits such as payments or refunds. 'Date of transaction' is the date when the transaction was completed, and 'Date Processed' is the date when the transaction was processed onto your credit card account. Only transactions which were processed within the statement period will be displayed here. 

8. Purchase interest rate
This is the interest rate charged on your purchases, if you do not pay your balance amount in full on the due date. The purchase interest rate is also charged on dishonoured payments. These are direct debits into your credit card that have failed (due to reasons such as insufficient funds in your bank account) and subsequently been debited from your credit card account. Interest is calculated on them from the date the payment dishonours until paid back in full.

9. Cash advance interest rate
Different to the purchase interest rate, this is the interest rate applicable to cash advances in the statement period. Cash advances include ATM withdrawals and transferring funds from your credit card account to your bank account. Unlike standard purchases, interest is charged on Cash advances from the date of the transaction until it is paid off in full.

Special offers

10 & 11. Balance transfers and Smart rate purchases.

A Balance Transfer is when you transfer the balance owing from another banks credit card or store card to your ASB credit card.

A Smart Rate purchase is a special purchase interest rate that automatically gets applied to eligible purchases of at least a $1,000 for a fixed period on ASB Visa Light.

You'll see each balance transfer, smart rate purchase, the special interest rate and period for which the rate is applied at the bottom of your statement. This will continue to display whilst there is an outstanding amount owing or until the end of the special rate period. The Balance on your monthly statement always includes amount owing on Balance Transfers and Smart Rate purchases. These transactions are on 0% interest for 6 months.

If you would like to fully benefit from the special interest rate and period, you can subtract the amount owing on them from the Balance on your monthly statement and pay the remaining amount on the due date. If you do this every month, at the end of the special rate period, you will have until your due date to pay the full Balance on your statement (including anything owing on smart rate purchases or balance transfers) to avoid being charged standard purchase interest.

You will still need to make the required minimum payment to avoid the late payment fee. This applies even if the only transaction on the credit card account is your Smart Rate purchase or Balance Transfer.

How to pay your credit card

  • Log into the ASB Mobile banking app and select 'Pay your credit card' from your credit card account, or go to ASB FastNet Classic internet banking, login and select 'Transfers'. 
  • FastPhone: Call 0800 272 272 (or +64 9 3024800 from overseas). 
  • ASB ATM: Enter your PIN and select 'Transfer'. 
  • Automatic Payment or Direct Debit from an ASB account: Visit an ASB branch or call 0800 255 382 to set up (or +64 9 306 3181 from overseas).

Credit card features

Take advantage of some of these great features available with ASB credit cards.

Pay your way

Make contactless payments on the go, with Apple PayGoogle PayFitbit Pay or Garmin Pay.

Card Control

Manage your ASB Visa cards anywhere, anytime with extra security and control

Bank on the go

Keep track of your transactions and manage your credit card online with FastNet Classic internet banking and the ASB Mobile app

Card Tracker

Track your ASB Visa card subscriptions in one place and see the shops and services where your card details may have been stored.

ASB's lending criteria, terms and Credit Card Conditions of Use apply. Fees and interest rates may change. Other fees apply, refer to asb.co.nz for details. 

Interest rate on cash advances currently 22.95% p.a applies.  A late payment fee of $4.00 will apply if you do not make the minimum payment due by the due date as shown on your monthly statement.

After six months the standard purchase interest rate, currently 13.50% p.a, will apply to Smart Rate purchases. Smart Rate purchase offers apply to purchases of goods and services only and are subject to change.

Balance Transfer offer is applicable only on balances transferred from another bank's credit card or selected store card to a personal ASB Visa credit card. Credit card balance transfer terms apply. The standard purchase interest rate for your card type will apply to purchases and, after the 6 month period, to any remaining balance transfer amount. Find standard rates at asb.co.nz.