How often do you check your credit card statements?
By Suzieqmom
@Suzieqmom (2755)
United States
August 13, 2010 11:36am CST
I never used to check my credit card statements, but now that I am temporarily unemployed, I thought I would start spot-checking them. Boy did I learn fast how important this is! I noticed on more than one card (both store cards and national cards) that I had been charged twice for the same purchase, and, even worse, that several times returns/refunds had never been posted. I have now contacted each and every credit card company that posted errors and have saved myself more than $100 in overcharges this month alone. I will continue to check every month, because why should I give the banks free money which I did not spend? Has anyone else noticed this has been happening on their statements? This issue actually relates more to "how not to lose money," than how to make extra money, but I thought it was important to post here. Money is money, after all, especially if it is rightfully yours.
4 people like this
14 responses
@Angelgirl16 (2171)
• United States
14 Aug 10
Hi Suzieqmom
You are very smart to start checking your credit card statements. After all, there can be mistakes made that could cost you a ton of money. Like most of us, it is money that you cannot afford to lose. Even if we were wealthy, it is still our money and we don't want to give it away without knowing about it or okaying it
Some of us are guilty of not being more involved with our finances, which is cost us. There are companies taht will do audits on certain bills, like your utility bill. These companies believe that we are being over-charged with hidden fees and taxes. We can help ourselves if we just take charge of our finances and pay closer attention to what we are being billed.
You should never be afraid to call the company to get some answers.
@Suzieqmom (2755)
• United States
1 Sep 10
I never used to check my statements either. But I took over my father's finances and discovered some strange charges on his cards, so that's when I decided to start checking my own. I hope to get to the point where I check every bill at least once a month--the payout can be enormous.
@daveyboy54 (518)
• United States
14 Aug 10
My credit card statement is online so I'm able to check it everyday. I found two bogus charges that way. I had my money back and a new charge card within one week.
@Suzieqmom (2755)
• United States
1 Sep 10
Good for you. That's the best way to do it, if you have the time. But even once a month is better than nothing.
@multimastery (1195)
• United States
13 Aug 10
That's ridiculous all the games credit cards companies play! You really have to keep an eye on them and their practices. I don't use credit cards myself, learned to stay away from them a long time ago. these days I use debit cards instead and I check my statement at least once a week. These are not perfect either but it'a a lot less hassle than credit cards. Usually the only problems I have found on my debit cards are issues with holds on my money from a pending authorization from a merchant. But this usually happens when I purchase a free trial of some sort where they say you can try the product/service like for 7 days or so and then if you decide to pay they'll bill you. Also if you pay at the pump with debit cards, merchants usually put a large hold on funds, which is why I don't do this.
@Suzieqmom (2755)
• United States
14 Aug 10
Debit cards make me nervous--to me is seems to be too much like cash. I pay off my credit cards in full each month to avoid most of the hassles with credit cards, but I do like having the security (false, I know) of knowing that if I have to make a large purchase and can't pay for it all at once, I can still make the purchase. Also, both of my major credit cards are tied to rewards programs and I have been able to get a lot of rewards from them, so it seems worth the hassle (so far).
@sender621 (14893)
• United States
14 Aug 10
I don't have a lot of credit cards anymore. They were getting to be quite a nuisance. When i did get a credit card statement, i would check it thoroughly. When something looks suspicious on your statement, it is the best way to see that we are being scammed by someone. Credit card statements should not be overlooked. Your financial freedom could be at risk.@Suzieqmom (2755)
• United States
1 Sep 10
I don't have too many, either. Having too many credit cards can lower your credit rating, even if you pay them off every month. Plus, it is easier to keep track of bills when you only have a few--you are right--too many cards is a REAL nuisance.
@kori8274 (200)
• Mexico
13 Aug 10
First of all, I don´t have a credit card, I don´t like to spend more money than how much I have so I mostly use debit cards. I use to check my purchases history every 1 or 2 weeks, or after I did purchase something in a store because I don´t want to have a recharge and find out that I lost more money than I spended. I´m a very carefull person when it´s all about money.
@Suzieqmom (2755)
• United States
14 Aug 10
It's good to be careful--sounds like you are doing a good job.
@myiesha (96)
• Singapore
14 Aug 10
I do spot check on my credit statement before payment. So far, I haven't encountered overcharging.
@Suzieqmom (2755)
• United States
1 Sep 10
You're lucky so far. Definitely keep checking--I have had months go by with no mistakes, and then have 1 or 2 in one month.
@edigital (2709)
• United States
27 Dec 10
I check every week my credit card statement. Not for error every card owner should check their card status to keep it saved from hacker also. Computer Crime Research Center also have some recommendations to check credit card to keep it safe against thieves.
A security method that online merchants are employing is the requirement of a shipping address that matches the billing address on your credit card. This is to guard against thieves who may steal your account number but will have no access to your billing address. This way, if your card is stolen, it can only be used to make purchases that will ship to your address. Any prospective thieves will have to pick up their orders from your mailbox, not something the average anonymity-seeking thief will want to do.
@rogue13xmen13 (14402)
• United States
13 Aug 10
I check my credit card statements once every month. I want to keep my balance as low as possible.
@suspenseful (40192)
• Canada
14 Aug 10
I get my credit card statements online and I check them a day or two after I make a purchase. Sometimes I notice that the store may not send in their receipts to the credit card company until a week or so later, and that means that I may see the purchase charge on next month's statement. However I notice that with some credit card companies decreasing the free days from 21 to 15 or whatever it is usually best to check them once a week.
@greenline (14838)
• Canada
13 Aug 10
I use a couple of cards based on the balances in my accounts. So, I need to check and be informed of the standings so that I would know which card I should use for the next time. I check the balances right online. It is very quick and very easy, no need to wait for the paper copy to arrive. Online banking system is marvellous these days.
@Suzieqmom (2755)
• United States
14 Aug 10
That seems to be a good way to go--one of my cards is online already and I think I will add the other two. Better for the environment, too--and less postage!
@zralte (4178)
• India
13 Aug 10
I make a point of checking my statement at least once a week online. I don't even glance at the paper statement anymore. They directly go into file the minute they arrive. I pay online too, so there is no need for me to look at the statement.
I don't think I have ever been overcharge or double charged yet. I agree with you, why give the bank money that they are not entitled to?? They have taken enough with the crazy charges that we don't even understand.
@Suzieqmom (2755)
• United States
14 Aug 10
What concerned me the most was that it happened with more than one card, at more than one store. The biggest mistake had to do with a return--it never posted, either on the statement for the month I made the return, or the following two months. (It was a large return, that's what prompted me to start checking to begin with). . . . Luckily I saved my receipt and was able to resolve it easily. I agree that the fees and such are very confusing. That's why I just pay off the bills in full each month, and got rid of any card that had any kind of fee at all. Too much to keep track of!
@puccagirl (7294)
• Israel
13 Aug 10
I do it once a month, which I think is okay. I have never really noticed any kind of errors though, but I have to say I don't check the statements super carefully, I just look through them kind of quickly. I really should get better at this, now that you mention it!
@Suzieqmom (2755)
• United States
14 Aug 10
I think once a month is ok, too, before you pay the monthly bill. I used to just spot check them, and never really noticed any mistakes. But the past two months I decided to check them all carefully, and this month I discovered three errors (on three cards) that totaled almost $100. The month before, there was only one error on one of the cards, for a small amount, so I didn't get too excited about that one. But now I will check them once a month and see if if this was just a "summer time/summer help" problem or a continuing problem.
