Money Rules by Gail Vaz-Oxlade

Author:Gail Vaz-Oxlade [Vaz-Oxlade, Gail]
Format: epub
Publisher: HarperCollins Publishers
Published: 2011-12-31T16:00:00+00:00

RULE #134: REVIEW YOUR CREDIT CARD STATEMENT EVERY MONTH

Make sure you review your credit card statement every month. It’s not enough just to pay the bill. You need to compare the charges that have come through on your statement with those you noted in your spending journal. This is the only way you’ll know if you’ve been overcharged, if your account has been fraudulently used, or if you’ve been charged interest in error.

If you think that because you’re paying your balance off in full every month there won’t be any surprises, think again. I’ve never carried a balance on my credit card, so I was surprised when I used my card one day and it was declined. The reason: the credit card company had decided to lower my limit. The lowered limit was on my last statement, but I’d missed it.

Credit card companies lower limits for all sorts of reasons. Sometimes the “money markets” are tight and they’re looking to reduce their exposure to losses. But sometimes they use a limit reduction to push you closer to your limit, or even over your limit, so they can charge you higher interest and more fees. And don’t think they won’t just because that’s lowdown and dirty. Hey, it’s a dog-eat-dog world, and you better pay attention if you don’t want to become lunch meat.

Take the time to review your credit card statement so you don’t end up overpaying in interest or for fraudulent or mistaken charges.

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