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Home › Articles › Stocks, Bonds, Credit Cards and More › Extra Credit

Extra Credit

Improving Overall Credit Management

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What do you look for when your credit card statement arrives in the mail? Many consumers just look at the balance, amount due and due date on their monthly credit card statements, but they are only getting part of the story.

To fully understand your statements, it is important for consumers to know what to look for each month and to understand the information being presented. Your Credit Card Companies has assembled tips to help you take full advantage of your credit card benefits, stay on budget, manage your debt better and protect against identity theft and fraud.

You should specifically look for and have an understanding of the following items:

  • Name, address, account number: Make sure your contact information is accurate. Double-check to see that the account number on the card matches the one on the statement. Notify your card issuers approximately one month in advance of a change of address to ensure that statements get sent to the correct address.
  • Purchases/new charges: This section lists the amount, dates and locations of your purchases. Promptly open and check your statements for any unfamiliar purchases and immediately report any unauthorized use to your credit card issuer. (Credit fraud criminals will sometimes make a small purchase first, to see if it goes undetected, before buying more expensive items.) Save your receipts to reconcile against the statement and then destroy your receipts. Members of Your Credit Card Companies do not hold customers liable for unauthorized purchases.
  • Minimum payment: This is the smallest amount you can pay by the due date and still meet the terms of your card agreement. The minimum is usually a specific fraction of the balance and not the total amount you owe. If you choose to pay just the minimum due on any amount below the full balance, you'll owe interest on any portion of the balance that you don't pay.
  • Due-by date: Be sure to get your payment to your card issuer by the due date listed. Failure to do so could reflect negatively on your credit report and could cause you to incur a late fee. Federal law requires that payment is credited to your account the day it is received. To be sure your payment arrives on time, mail it at least five to seven days before it is due. Many credit card companies offer an online payment option. This option is generally much faster than traditional mail and usually posts to your account within 24 hours.
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