Checking your creditcard statement

You should always check your statement thoroughly every month. Take care to review all of the transactions listed against your receipts. Make sure you can account for all the transactions and that they are all for the correct amount

Disputed transactions

If there’s a problem with goods or services you bought you should fi rst try and resolve it with the retailer. If they can’t or won’t help you – perhaps because they have gone bankrupt – you have extra protections in law when you buy on a credit card.

Under Section 75 of the Consumer Credit Act your credit card company has joint responsibility with the retailer for transactions over £100 in cases where there is a breach of contract or a misrepresentation – so you may be able to get your money back from your credit card company.

Mistakes & fraud
If you spot fraud or a mistake on your statement tell your card company immediately. You will still have to pay for any purchases that are not in dispute but your credit card company will usually freeze the transaction you are questioning. They will refund the actual transaction, and any interest automatically applied to your account, if there has been an error or you have been an innocent victim of fraud. These guarantees are provided by The Banking Code.

Paying off your credit card

Your statement will tell you how you can pay off what you owe, for example using cash, cheque, debit card, telephone or internet banking, and what time you should allow to make sure the payment is received by the due date. This can differ between card issuers so it is worth following the advice carefully.

Your credit card company may also let you set up a direct debit. It’s a good way of making sure that you don’t miss a repayment and avoiding any late payment charges.
However you decide to pay remember to plan ahead to make sure your payment reaches your credit card account by the payment due date.

How much is my card costing me?

Your statement can tell you. The three key things that affect how much your card costs you are:
1. How much you borrow
2. Your interest rate – different kinds of transactions may incur a different rate of interest and you should also check to see when your credit card company starts charging you interest
3. How much you repay and how quickly you repay it

Previous Article: Understanding your Credit Card Statement