When you owe money on your credit card, it is really tempting to just throw your statement straight into the trash as soon as it lands in your post box. However, what you may not realize is that you could be paying more than you actually should be!
Looking For Mistakes
It probably won’t have even entered your head that there could be a mistake on your credit card statement. After all, the creditor knows how much you have spent don’t they? Well unfortunately sometimes they actually don’t and some companies get away with adding little extras onto your bill when you aren’t looking.
The trouble is, your credit card debt shows clearly on your credit report. Imagine getting refused for credit when you actually haven’t done anything wrong. If there is one mistake on your credit card statement it can have potential negative consequences on all aspects of your life. Therefore it is vital that you check your statement thoroughly each time you receive one.
What to Look For
The first thing that you need to look at is all of the new charges and purchases that the statement claims you have made. It is a really good idea to keep all receipts for the month. That way once your statement arrives, you can go through and double check that no mistakes have been made. Many people have found that they have been double charged for the same item. Make sure that this hasn’t happened to you by making a note of everything you have purchased and checking it against the list.
Another problem that could occur is that someone else may be using your credit card. Is there anybody else in the home who has access to your card? If there is then it is possible they could borrow it to pay for something and simply “forget” to tell you.
You should also look to see that any special rates that you were offered have been applied in the statement. Sometimes creditors forget to apply special rates and you could end up paying more than you should be.
If you have made a payment to the company for your previous statement then you should also check to see that it has been credited to your account. Don’t forget that if you have sent your payment up to 10 days before your statement arrived then it may be possible that the statement was sent out before your payment was received. However, it would still be a good idea to check with the company to make sure that payment has been received and that it will be applied to your account as soon as possible.
If you do spot any mistakes or if you are worried about anything on your statement, contact the credit card company ASAP. You should first telephone the company and then follow that up with a letter. Mistakes don’t happen frequently, but they can still happen to you. If they do then it could affect your credit rating so it is important that you check your statements each month to see that they are correct.