The boom in e-commerce has led consumers towards more shopping online by using digital payments, including credit cards, among other modes of payment. Credit cards are becoming particularly popular with its reward and cash-back programs. It is emerging as one of the preferred medium to make online payments.
The sharp hike in the usage of plastic money instead of cash is also giving rise to problems like general overspending among users, non-payment, and high late payment charges. Hence, it is crucial for credit cardholders to know how to get a credit card statement as it can help them to keep track on their expenses.
Other than that, there are a few easy ways which can be adopted by users to track their credit card spending –
- Online credit card account monitoring
Frequent online monitoring of the credit card account will help a customer in identifying any kind of discrepancy that may have occurred. It is advisable to not wait for the final credit card bill to arrive, but consistently track expenditure and monitor the balance online.
Any inconsistency that may have been detected should be immediately reported to the credit card company. Regular monitoring will also help to spot any such expenses adding on to the bill, which should have been otherwise cancelled.
- Credit card transaction alerts
Most credit card companies offer transaction alerts to their customers. The transaction alert may be in the form of a text message or e-mail. Even though such alerts are primarily designed for quick fraud detection, it also helps in tracking expenditure.
For instance, a credit card holder may opt for an alert when the monthly balance reaches a particular threshold. It is advisable for borrowers to not use the amount above 30% of the credit card limit.
Also Read: Your Guide to Better Investment
On one hand, the alert will act as the signal of expenditure reaching a particular limit, and on the other, it will be much easier to identify the high level of expenditure incurred every month.
- Examining credit card expenditure category
After you learn how to get a credit card statement, you should check the purchases under specific categories. The areas where expenditure can be cut down will become apparent. The small expenditures under a particular category add up over the month to a substantial amount.
A credit card holder may consider cutting down on petty expenditure and plan his/her budget accordingly to allocate fund for essentials. Such a measure will help in using the credit card wisely.
- Using SMS services
Credit card companies are offer phone banking, which allows customers to obtain on-demand account updates. Such updates may be received via text messages as well. Customers usually have to text a short command to the company, and within seconds they will receive the requisite information. It can help customers to know the total balance almost immediately.
- Checking monthly credit card statement
It is essential to know how to get a credit card statement as it is crucial to check the same at regular intervals to identify any unaccounted expenditure that may have taken place. Such expenditures may occur due to an error or identity theft. Hence, a correct reading of the credit card statement will make such discrepancies evident.
Credit card customers can adopt any of the above-mentioned methods according to their preference or convenience. By keeping track of their expenses, they can manage their budget more efficiently.
They can also apply for credit cards like the Bajaj Finserv RBL Bank SuperCard, which offers industry-first features and several lucrative benefits. These features help cardholders get the most out of this credit card.
The financial institution also provides pre-approved offers on multiple financial products such as personal loans, business loans, among others. These offers ease the process of availing financing. Individuals can check their pre-approved offer by providing a few essential information like your name and contact details.
Checking the statement is also necessary to keep up with the due dates to pay the outstanding bill in time. For that, you should learn how to pay credit card bill. Additionally, you must also know all things about credit card bill payment.