So, you have a credit card and you swipe it, insert it and tap it on a regular basis. It knows all about you, when you like to shop, what you like to buy, and where you like to buy it, but how much do you really know about your credit card in return?
We provide you with insight into ways to really get to know yours.
Read your credit card statement
You receive a statement every month, via email, or via snail mail, but do you ever actually read it? Many of us don’t!
We understand that reading your credit card statement is not enjoyable and can even be overwhelming. However, as scary as it may feel, by reading it on a regular basis, you begin to understand your credit card, how it works and see what you’re really spending.
Doing this can in turn, slowly begin to shift that feeling from one of being overwhelmed, to one of empowerment.
Make note of your payment due date
Usually listed on the top right-hand corner of your credit card statement, is probably the most important date on your statement – the payment due date.
This is the date your minimum repayment is due.
So, make a note of this date in your phone or your calendar, with a reminder to make at least your minimum payment a few days before, so as to avoid the late payment fee and fall behind.
Confirm your interest rate
It is not uncommon for credit card holders to be unsure of the interest being charged on top of their credit card expenses.
Take note of your interest rate and remember that every time you purchase something, should you not pay your balance in full, by the month’s end, the interest will be added to that purchase.
Think your interest rate may be unusually high? A balance transfer to another credit card with a lower interest rate, or one with a 0% interest rate promotion, may be a viable option for you.
Review your transactions
Although credit card fraud isn’t overly common, it does happen and is unfortunately becoming more frequent. Not only that, people make mistakes and debiting errors do happen.
This is why it’s important to review your transactions on your credit card statement carefully.
See a purchase you don’t remember making? Or perhaps a company you have a direct debit in place with, has debited your account too much, or more than once?
Contact your credit card provider immediately, to see what’s going on.
So, you see, by reading your credit card statement and looking out for what’s important, you may begin to feel less overwhelmed and more empowered. And if you’re really lucky, you may even save some money too!
Want some more tips to manage your credit card debt? Visit our News Page for more.
At Life After Debt® , we can help you reduce credit card debt easily and efficiently by offering you affordable, practical financial solutions that are proven to relieve hardship.
Contact us today to receive honest and sympathetic advice, without judgement.
