How to read credit cards
Personal Finance News and Advice
How to read your credit card statement
The best debt help we can offer is to teach consumers to manage their credit effectively. One key to this end is to review every statement you get. Too often, we pay the bill and file it away without taking a few extra minutes to review it fully.
Credit card companies do occasionally make errors, and reviewing your statement every month is the best way to catch these errors early and correct them. We’re also fallible when it comes to handling our credit accounts. We may forget about a particular credit card transaction, or a spouse may use the card and forget to let us know. Once again, reviewing your credit card statement ensures that you are on top of your financial situation.
Your credit card statement will contain a detailed list of the activity from your billing cycle, and there is often a reminder of the terms of your credit card agreement, contact information for your creditor, and more. Some credit card statements include
a form for disputing particular items on your statement, and often require disputes to be submitted in a timely manner to be honored. If you are aware that you should be receiving a credit card statement and do not receive it by the normal cycle date, contact the credit card company immediately.
Keep your credit card receipts when you make purchases and compare them to your monthly credit card bills. Look for any errors or discrepancies. Look for evidence of fraud; if someone has used your credit card without your authorization, you’ll see the charge on your statement.
If you see something on a credit card bill that is incorrect, you must act immediately. You are only protected if you report the discrepancy within 60 days of receiving the bill.
If you need debt help or have any questions about your credit, a free credit counseling session can give you the answers you need. We have certified counselors at the ready so you can get started right away.
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