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.
TPG featured card
at American Express's secure site
Terms & restrictions apply. See rates & fees.
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 5X | New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App. |
| 3X | Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines. |
| 2X | Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Pros
- Valuable dining and food-related credits
- Flexible rewards with airline and hotel transfer partners
- Multiple travel and purchase protections
- No foreign transaction fees
- Access to Amex Offers for additional savings (enrollment required)
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App.
- Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines.
- Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- Pay It® lets you tap in the American Express® App to quickly pay for small purchase amounts throughout the month and still earn rewards the way you usually do. Plan It® gives you the option to split up big purchases into equal monthly payments with a fixed fee. You’ll know upfront exactly how much you’ll pay.
- Updated! $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder. This can be an annual savings of up to $120. Enrollment required.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year at over 10,000 qualifying U.S. Resy restaurants after you pay for eligible purchases with the American Express® Gold Card. That’s up to $50 in statement credits semi-annually. Enrollment required.
- $84 Dunkin' Credit: Earn up to $7 in monthly statement credits after you pay with the American Express® Gold Card at U.S. Dunkin’ locations. Enrollment required.
- $120 Uber Cash on Gold: Enjoy up to $120 in Uber Cash annually with your Gold Card. Just add your Card to your Uber account and you'll get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an Amex Card for your transaction.
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- Take advantage of a $100 credit towards eligible charges* at over 1,300 upscale hotels worldwide when you book The Hotel Collection through AmexTravel.com or the Amex Travel App **. *Eligible charges vary by property. **The Hotel Collection requires a two-night minimum stay.
- Book your travel through the Amex Travel App with added peace of mind – backed by American Express® service and support. Only for American Express® Card Members.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.