Credit card mistakes can be very costly. The cost does not necessarily mean monetary. Often, those mistakes also affect the borrower’s credibility which is often reflected in his credit record. A negative credit record affects the borrower’s chance of getting in the future a mortgage or a loan for something big, like a car. Hence it is best to avoid mistakes whenever possible.
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There are credit card mistakes that are difficult to deal with. Some will take so much time and effort to resolve. There are also mistakes that are easy to deal with, even avoidable. One of these is the mistake of failing to review the statement regularly.
What happens when you, the borrower, fails to check your statement regularly? It will cause you a lot of problem, and when left unattended, those problems carry with them serious and expensive consequences, such as fees and charges that may end up too heavy for you to settle.
Here are tips, suggestions and recommendations for you so you can be sure that your statements are reasonable and accurate:
Check for Unusual Activity.
When you check your credit card statements, observe and take note of any unusual activity. Check each item meticulously, never mind if it is time consuming.
Items to watch out for: Unauthorized charges.
If there are items that you know are unauthorized charges, is it possible that your credit card information was stolen? It is possible that you are a victim of identity theft. If you are really sure, get in touch with your credit card company immediately.
Generally, if it can be proven that it’s an unauthorized charge, the credit card company can issue a charge back. If your identity was indeed stolen, normally credit card companies freezes the card so it becomes unusable to the thief.
Honest Billing Mistakes
This is understandable, and forgivable. There will always be times when occasional honest billing errors are made. Mistakes are common specially when making purchases online; for example double clicking on the pay button more than once.
This is primarily the reason why it is very important to pay close attention to your credit card balance and charges because when you do, it’s not difficult to spot these irregularities.
Delaying actions can be very costly. If you wait too long before you settle anything irregular, there is a chance you might exceed a company’s return period. If it was their error, definitely they will attend to the problem right away. But if it was your error and it was technically a justifiable charge, you might find yourself carrying the burden of loss if you procrastinate.
Fees and Charges You Know Nothing About
If you are familiar with your transactions, and you regularly check your credit card statements, there’s no need to worry about fees and account changes you’re not aware of.
Most common situations include a payment that was not processed correctly. When this happens, you will be charged a late fee. If you do your part and counter check everything, this will not be hard to see. You can immediately call the credit card company and have it corrected.
Another situation might be that you availed of a temporary introductory offer on balance transfers. Your billing statement will show you when that offer expires. This will then tell you to settle your account to avoid the interest charges.
So, it is always best to check and review your monthly credit card billing statement immediately the moment you receive it. Verify charges against your own records, like purchase receipts.
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