If you give your credit card statements only a cursory glance when you’re paying bills, you may be losing money. Here’s why it’s important to review them closely:
- You could have erroneous charges. For example, you canceled a service or subscription but you’re still being charged for it.
- You could be the victim of credit card fraud. Carefully review your charges and see if there are any that you didn’t make. Report these fraudulent charges to your financial institutions immediately. If your card is from Hanscom FCU, contact us at 800-656-4328.
- You can see if there have been changes to your interest rates or account terms. This can happen if you’ve gone over your credit limits or paid your bills late. If the card issuer is raising your rate, it must give you 45 days notice before doing so.
- You can see how much interest you’ll pay if you just pay the minimums each month. You’ll see how long it will take (sometimes many years!) and what that will cost you in interest over time. Aim to pay more than your minimums each month.
- You can be better aware of your spending. Trying to stick to a budget? Seeing all those charges for discretionary spending can be enough motivation to cut back.
- You can ensure your personal information is correct. Has your name changed? Maybe you’ve moved. Looking over your statements each month can remind you to make those corrections asap.
If you’re noticing high interest rates on those statements, consider consolidating your debts to a lower-interest card like Hanscom FCU’s Platinum Mastercard®, which offers an APR1 as low as 8.49% with no fees for balance transfers. Visit us at hfcu.org/consolidate to learn more.
For tips on smart credit card use, and for a free comparison checklist to help you choose the right card for you, download our free how-to guide!
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1APR=Annual Percentage Rate. Rates shown are the lowest possible rates currently offered. Other rates are available, based on your credit profile and loan terms.