As any credit card holder knows, every month you’re issued a statement for your card. Many people still receive their statements in the mail, while others have opted for the eco-friendly paperless route. In many cases, these statements get a quick glance before being discarded, and some cardholders ignore them altogether. However, it’s a mistake to dismiss your credit card statements. They provide valuable information about your spending, transactions, potential fraudulent activity, and even hidden fees.
The next time you’re tempted to ignore your statement, consider these reasons why you should keep up with reviewing it every month:
Do you know how much you’re spending per month?
While it’s true that many cardholders can recall most of their purchases, it’s still easy to overlook charges, especially since using your credit card often requires just a tap or swipe. Unless you’re diligently tracking every transaction, your monthly balance can help reveal whether you’re overspending or making costly mistakes.
Staying on top of identity theft risks.
Even if you’re careful with your credit card and personal information, identity theft remains a growing concern. According to Javelin Strategy & Research, nearly 16.5 million Americans experienced identity theft in 2023, a figure that continues to rise. Criminals are also becoming more subtle—sometimes making small, recurring charges that can go unnoticed unless you’re carefully reviewing your statements.
Weeding out unwanted or unnecessary transactions.
Your card may be linked to recurring charges for things like streaming services, apps, or account upgrades you no longer use. With so many “pro” subscriptions available at the click of a button, it’s easy to forget just how many you’re paying for. Reviewing your statements can help you identify and cancel subscriptions that are no longer worth the cost.
Spotting possible billing errors.
Even in 2024, billing errors can still happen. You might be double-billed for a service, charged after canceling a subscription, or see unexpected fees. By checking your statement regularly, you can catch these errors quickly and dispute them before it’s too late.