I saved $500 with 1 phone call: Why you should regularly check your credit card statements
Recently, I noticed a small error on my credit card statement that set me back $500 — yikes. Thankfully, it was easy to fix, but I might have missed it if I didn't regularly check my accounts.
The more credit cards you have (and at TPG, we have a lot), the more important it is to keep tabs on all your accounts. I'll cover the many reasons why, with real-life examples from TPGers showing how much you can benefit from checking your credit card statements.
Related: The best way to pay your credit card bills
Check for fraudulent and erroneous charges
Of course, credit card fraud is one of the first things you should be on the lookout for. But fraud isn't the only case where you may want to dispute a charge. Mistakes happen, and they can cost you if they go unnoticed.
Gearing up for a large Lowe's purchase, I recently bought myself a $500 Lowe's gift card through United's MileagePlus X app to earn some bonus miles. But although I only received one $500 gift card, a glitch with Capital One's verification system caused the purchase to end up on my Capital One Venture X Rewards Credit Card statement twice. I called Capital One to dispute the charge, and a $500 credit was applied to my account within the next week.
TPG credit card writer Danyal Ahmed once noticed that Chase had charged him nearly $200 in interest on his Chase Sapphire Reserve® (see rates and fees), even though he had already paid off his balance in full. He resolved the issue with a simple phone call to Chase, but he learned to avoid making payments a day before his statement closed to prevent this from happening again.
As you can see, these errors are usually easy to fix once you notice them. But if you're not paying attention, you could unknowingly lose hundreds of dollars.
Related: How to identify and prevent credit card fraud
Make sure you're earning rewards on bonus categories
I once realized my Chase Freedom Flex® (see rates and fees) hadn't awarded bonus points on the quarterly categories, which at the time included entertainment. I had tried to maximize my earnings by renewing my zoo and museum memberships and purchasing tickets in advance to a couple of concerts and plays, totaling several hundred dollars. Imagine my disappointment when I checked my Chase account only to discover the purchases hadn't been coded as entertainment. I'd earned just 1 Chase Ultimate Rewards point per dollar spent instead of 5 points per dollar, missing out on thousands of points.
I called Chase, and the representative awarded me 7,000 missing points. (I actually think he miscalculated and gave me a few thousand extra, but I wasn't complaining!)
It's not uncommon for purchases to code differently than expected. For instance, TPG engineering manager Zoe Jablow once had a Hyatt hotel in St. Lucia code as "recreation services" instead of hotels, causing her to miss out on extra points on her Chase Sapphire Reserve. She contacted Chase and got the issue resolved.
In some cases, you may want to start with the merchant instead of your credit card issuer. Senior editorial director Nick Ewen experienced a similar problem when he used his World of Hyatt Credit Card (see rates and fees) at a Small Luxury Hotels of the World property (before SLH left Hyatt for a Hilton partnership). As a Globalist elite member, he reached out to Hyatt, and his Globalist concierge got the points posted.
Make sure your card offers and benefits come through
Many of our favorite cards offer valuable travel credits or cash-back offers, which can save you hundreds of dollars a year — but only if they actually post to your account.
For example, I once found a handy Chase Offer on my Chase Sapphire Preferred® Card (see rates and fees) for Carnival Cruise Line. I could earn $35 as a statement credit when I spent $100 or more on Carnival's website. Since I had a cruise coming up and planned to spend at least $100 on onboard dining and activities, I decided to go to Carnival's website and purchase $100 in onboard credit. I would save 35% on purchases I would be making anyway.
Unfortunately, Carnival decided to break the purchase into multiple smaller amounts, so I didn't get my $35 back. Not to worry; Chase's helpful phone agents came to the rescue again. They submitted some paperwork, and a few weeks later, my $35 statement credit posted to my account.
It's not unusual for merchants to split up certain payments, which can interfere with credit card offers. After redeeming an offer, it's always a good idea to check your statement and make sure your rewards post. The same goes for things like travel and lifestyle credits.
Related: Monthly checklist: Credit card perks and benefits you should be using
Bottom line
There are many benefits to performing a regular health check on your credit card accounts, from putting money (and points or miles) back in your pocket to protecting yourself from fraud.
Even if you cancel a credit card, you should still check your account 30 days after closing it — this can help prevent erroneous charges, impacts to your credit score and a big headache.
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at American Express's secure site
Terms & restrictions apply. See rates & fees.
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Cons
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- Other Delta cobranded cards offer superior earning categories
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- Terms Apply.
- See Rates & Fees