If you are trying to stay out of debt – It’s important to know how to read your credit card statement.
You should be looking over your statement every month for errors, unnecessary or forgotten recurring bills, fraudulent charges, etc. Take notice of your interest rate, especially if you are carrying a balance month-to-month.
Key Points:
Understanding your credit card statement may help you better understand your finances, and potentially even how to get out or stay out of debt.
Every credit card has a different statement style but the basics are the same. If you haven’t taken a close look at your statement lately, you may be surprised to know that it shows more than just what you owe each month. Some sections you may find on your statement are:
A statement credit is any money that goes toward lowering your balance but isn’t a payment. This includes rewards you may use toward your balance. Returned purchases are also statement credits.
A billing cycle is typically 30 days long. Keep in mind that just because a billing cycle is the same length as a month doesn’t necessarily mean they coincide. You can find the start and end date of each billing cycle at the top of the credit card statement.
One of the biggest reasons you should make a habit of looking at your credit card statement each month is to check it for errors. If you find an unusual or unfamiliar charge on your credit card statement, you have 60 days after receipt to do something about it.
If you do find a discrepancy, check your receipts to make sure the error isn’t on your end. If it’s a price discrepancy, read the receipt to know what the correct price should be.
The way you resolve your dispute may differ slightly depending on your credit card company. Some allow you to file the dispute right on the webpage or app but others may require you to call. It also may be a good idea to write a letter to the credit card company so that the dispute is in writing.
If your credit card statement is getting out of control due to debt, consider seeking professional help through ClearOne Advantage. Our Certified Debt Specialists are standing by to help you explore your debt relief options and work out a solution that fits your budget. Call 866-481-1597 to speak to a Certified Debt Specialist today and get a free savings estimate.