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Credit card statements are a detailed record of how individuals have utilised their card for a specific billing period. Since it encompasses all the nitty-gritty of the transactions, individuals should check these statements regularly to monitor even the trivial expenses.
The primary reason behind it is to detect any fraudulent activity to the account. For a matter of fact, more than 50,000 cases of fraudulent usages of credit cards, debit cards and digital wallets have been reported during FY20. Hence, it is of utmost importance to keep an eye on the statements to take immediate action for such incidents.
Reasons to check credit card statements periodically
After every billing cycle, credit cardholders receive a statement from their card provider. However, some people do not pay heed to them simply because they do not want to spend time interpreting the complicated terms and numbers printed on the credit card statements.
Hence, first they need to be familiar with these terms so that they can understand the statements. Using credit cards without following up on these statements can prove risky as people can become debt-ridden over time.
Following are a few aspects that you can spot if you check your statements regularly.
- Identify fraudulent activity
It is the most common mishap that may happen to credit cardholders. Hence they must know from the beginning about different types of credit card fraud and how they can avoid them. Nonetheless, one of the most convenient ways to detect such activities is checking the credit card statements frequently.
- Points out erroneous statements
Big brands and corporates can also make mistakes, and that can affect your credit rating. It may be possible that your credit card provider has marked a payment late while your bank account details are showing it on time. To detect such mistakes, you need to take a look at the statements first.
- Reflects spending pattern
Credit card statements are an excellent way to analyze one’s spending pattern. In these statements, the details of transactions are given, from which one can make out where they have spent, how much they have spent, and curtail the unnecessary expenses accordingly. However, for an economical credit card option.
- Payment reminder
Another significant feature of these statements is that you can check when the due date is for bill payment. Along with that, you can also calculate the due balance along with other charges like service fees, overdrawn fees, etc.
- Alteration in interest rates
Most people shy away from using a credit card because of its interest rates. However, top financial institutions like Bajaj Finserv offer credit cards with easy repayment facility through EMIs, which lowers the repayment burden. You can also avail additional facilities like ATM cash withdrawal without paying any interest up to 50 days.
They also provide pre-approved offers on credit cards to make the application process hassle-free. These offers are available for various financial products as well, for example, personal loan, business loans, etc. Moreover, you can check your pre-approved offer online by entering a few essential credentials like name and contact number.
These are the reasons for which you need to keep an eye on the credit card statements. Besides, having knowledge about how to protect your credit card from being hacked is also essential to stay protected. Nonetheless, for any suspicious or erroneous changes in the statement give a call at credit card customer care number immediately.
