Credit card statement has a long history. First, credit cards were created in the early 1930s, and today they are a mainstay of the global financial system. The first credit card statement was issued in 1938 by American Express. Then, in the 1960s, American Express began issuing credit cards with plastic cards and with paper statements. Then, in 1966, Bank of America issued its first credit card with a monthly statement.
The first credit card statements regularly served as a source of personal income for early economists who stated that the average household could see an annual increase of $100 in their spending if they used credit.
How to Read Your Credit Card Statement?
A credit card statement summarizes the transactions made with your credit card. It includes your balance, the number of purchases, and other information about your card.