When it comes to credit cards, there are a few things which you should be aware of all the time, otherwise it can cost you seriously. And we’re talking about all types here, including rewards credit cards, cash back credit cards or those associated to cashing accounts.
However, any attempt of fraud can be easily checked by quickly investigating your credit card statement. Just look closely and you will be able to stop anything that can have a negative impact on your account.
Below you can find a short list with three of the most important things you should check on your statement:
Transactions
Logically, the first thing you should closely watch is the number of transactions on your report and the way they were made. It’s relatively common for credit card companies to make errors, that’s why we highly recommend checking transactions each month and eventually correct them.
A complete list with them is included on the printed statement, so if you see something that’s not right, contact your credit card company immediately. And don’t resume just to big charges! Anything suspicious, including small ones, should be reported!
Changes to your interest rate
Each time you check your statement, look at the interest rate specifics and start addressing them. A late payment or going over your credit rate will trigger the penalty rate, so the company will notify you that your interest rates will grow.
Legally, you must be informed at least 45 days before the rate change is activated, so this is another reason why you should take a look at your online statements at least once per month.
If you spot an increase, due to a single late payment, contact your card issuer and ask for a one-time waiver of the late fees, as well as the penalty interest rates.
Late payment warning disclosures
Never ignore this! All credit card issuers must post a late payment warning disclosure, through which they explain what will happen if you make a late payment.
Also, you should know that once a payment is 30 days past due, you will be reported to a credit bureau. And this late payment record will remain there for seven years!
