Things you must check in your credit card statement: Check details

A statement is made available by your credit card company once a month, shortly after your billing cycle ends

The number of credit cards in circulation have more than doubled to nearly 100 million in the last five years, underscoring the significant pace it has been growing. But experts advise caution as credit card delinquencies are also rising fast. It is crucial to maintain vigilance over your credit card usage and statements. Regular scrutiny of your credit card statement can help you catch errors, prevent fraud, and maintain a healthy financial profile. 

 

What is a credit card statement?
 

A credit card statement is a monthly summary provided by the credit card issuer that details all transactions made during a specific billing period. This document is crucial for managing finances, as it helps cardholders understand their spending habits, track payments, and identify any discrepancies or unauthorised charges.
 

Adhil Shetty, CEO, BankBazaar.com gives insights on things to check in your credit card statement:

 

To start with, verify all the charges and transactions listed in the statement. 
 

Check for any unauthorised transactions or errors in billing amounts. 

 

Make sure you recognise every entry in the statement and flag any suspicious transactions. This could be the first step in preventing a potential fraud. 
 

Make sure to note the payment due date and the minimum amount due. Paying at least the minimum by the due date avoids late fees and helps maintain your credit score, so make sure you make your payments on time. 
 

Check for foreign transaction fees, if you’ve used your card abroad or made purchases in foreign currencies, and make sure they’re in line with your spends. 
 

Banks often use the messages section or footnotes at the end of the credit card statement to announce changes to the interest rates or other important updates. Make sure you read through any messages included with your statement.

 

Keep an eye on your credit limit and available credit. This information helps you understand your current utilisation ratio.
 

If you’ve used your credit card to pay utility bills or make government payments, check for any convenience fees.

 

Experts suggest by diligently reviewing these aspects of your credit card statement, you can maintain better control over your finances, avoid unnecessary charges, and quickly spot any fraudulent activity.