Recently, I noticed a small error in my credit card statement, which caused me to refund $500 – yikes. Thankfully, this is easy to fix, but if I don’t check my account regularly, I may miss it.
The more credit cards you have (at TPG, we have a lot), the more important it is to label all accounts. I’ll cover many reasons why TPGER’s real-life example shows how much you can benefit from checking your credit card statement.
Related: The best way to pay your credit card bill
Check for fraudulent and incorrect fees
Of course, credit card fraud is the first thing you are looking for. But fraud is not the only situation where you might want to object to the allegations. An error occurs and if they don’t notice it, they may cost you.
To buy a purchase of a large Lowe, I recently purchased a $500 Lowe gift card through the United MireagePlus X App to earn some bonus miles. However, although I received only a $500 gift card, a failure with the Capital One verification system resulted in a purchase of my Capital One Venture X Rewards Credit Card Statement twice. I called Capital One to object to the fee and applied $500 credit to my account next week.
TPG credit card writer Danyal Ahmed once noticed Chase accusing him of nearly $200 in interest Chase SapphireReserve® (See interest rates and fees) even if he has paid back his balance in full. He used a simple phone call to fix the problem, but he learned to avoid paying daily before the statement was closed to prevent this from happening again.
As you can see, these errors are usually easy to resolve. But if you don’t pay attention, you may lose hundreds of dollars unconsciously.
Related: How to Identify and Prevent Credit Card Fraud
Make sure you get rewards in the bonus category
I’ve realized mine Chase FreedomFlex® (See Rates and Fees) Bonus points have not been awarded in the quarterly category, including entertainment at the time. I tried to maximize my income, totaling several hundred dollars by renewing my zoo and museum membership and buying two concerts and dramas in advance. Imagine that when I checked my chase account, my disappointment was just finding that the purchase was not coded for entertainment. I missed thousands of points for only $1 per dollar instead of 5 points per dollar.
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I called Chase and the representative awarded me 7,000 missing points. (I actually think he misunderstood and gave me a few thousand, but I didn’t complain!)
It is not uncommon to buy codes that are different from expectations. For example, TPG engineering manager Zoe Jablow once had a Hyatt hotel in St. Lucia Code as an “entertainment service” rather than a hotel, causing her to miss her extra points Chatong Sapphire Reserve. She contacted Chase and resolved the issue.
In some cases, you may need to start with a merchant rather than a credit card issuer. Senior Editorial Director Nick Ewen used similar questions The World of Hyatt Credit Cards (See rates and fees) A luxury hotel on World Property (before SLH leaves Hyatt to build the Hilton Partnership). As a member of the globalist elite, he approached Hyatt Hotel and his Globalist Concierge received points.
Ensure your card is provided and benefits are passed
Many of our favorite cards offer valuable travel credits or cashback offers that can save you hundreds of dollars a year, but only if they are actually posted to your account.
For example, I used to be in mine Chase Sapphire Priority® Card (See rates and fees) Carnival cruise route. When I spend $100 or more on the Carnival website, I can earn $35 as a statement credit. Since I had a cruise and planned to spend at least $100 on board meals and events, I decided to go to the Carnival website and buy $100 in-car credit. I save 35% on my purchase anyway.
Unfortunately, Carnival decided to split the purchase into several smaller amounts, so I didn’t get back $35. Don’t worry; Chase’s helpful telephone agent rescued again. They submitted some paperwork and a few weeks later my $35 statement credit was posted to my account.
It is not uncommon for merchants to allocate certain payments, which may interfere with the credit card quote. After redeeming the offer, it is best to check your statement and make sure your reward is released. The same goes for things like travel and lifestyle credits.
Related: Monthly List: Credit Card Allowances and Benefits You Should Use
Bottom line
There are many benefits to having a regular health check on your credit card account, from putting money (and points or miles) back in your pocket to protect yourself from fraud.
Even if you cancel your credit card, you should still check your account 30 days after you close that credit card – this can help prevent wrong fees, impact on credit scores and headaches.
