What is a Credit Card Statement?
A credit card statement is a monthly summary from your issuer detailing all transactions made during the billing period. It’s crucial for tracking your spending, payments, and spotting any discrepancies or unauthorized charges.
Verify Charges and Transactions
- Review Every Charge: Ensure all listed transactions are recognized and correct.
- Spot Errors: Look for unauthorized transactions or billing errors and address them immediately.
Identify Suspicious Transactions
- Flag Suspicious Activity: Recognize and report any unfamiliar entries to prevent potential fraud.
Check Payment Due Date and Minimum Amount
- Avoid Late Fees: Note the payment due date and minimum amount due to maintain your credit score and avoid late fees.
Review Foreign Transaction Fees
- Verify Fees: If you’ve used your card abroad or made foreign currency purchases, ensure the fees align with your transactions.
Read Messages and Updates
- Important Notices: Check the messages section or footnotes for updates on interest rates or other significant changes.
Monitor Credit Limit and Utilization
- Track Your Credit: Keep an eye on your credit limit and available credit to manage your utilization ratio effectively.
- Check Convenience Fees: If you’ve used your card for utility bills or government payments, verify any convenience fees charged.
Regularly reviewing these aspects helps you maintain control over your finances, avoid unnecessary charges, and quickly detect fraudulent activity. Stay vigilant and keep your finances in check!