Sometimes credit card mistakes are difficult or time-consuming to fix, like getting out of the credit card debt you might have already run up. But other mistakes can be fixed fairly easily. One such credit card mistake is not reviewing your credit card statement regularly. The fix? Just pay more attention to it when it arrives each month. But let’s take a look at why neglecting those statements is such a problem so you don’t fall into the trap and suffer serious consequences.

Here are several reasons you really need to check your credit card statements on a regular basis:

3 Reasons to Check Your Statements Regularly

1.    When you check your credit card statements you can take note of any unusual activity or unauthorised charges. What if your credit card information had been stolen? You could be a victim of identity theft and not even know it. Check your statements line by line and review every charge there. If anything looks suspicious call the credit card company immediately. If it’s an unauthorised charge, they can issue a charge back. If your identity was stolen they can freeze the card until it’s straightened out so the thief loses access to your account. Or if you simply didn’t recognise something due to how it was listed, they might be able to clear up the confusion.

2.    Occasionally honest billing errors are made. Perhaps you accidentally clicked the “buy” button on a website twice when a page was still loading for example, resulting in a double charge. When you pay attention to your credit card balance and charges, you’ll be able to catch these things. If you wait too long you might exceed a company’s return period. If it was their error they’ll likely fix the problem anyway. But if it was your error and it was technically a legitimate charge, you might find yourself out of luck if you wait too long.

3.    You won’t have to worry about fees and account changes surprising you when you keep an eye on your credit card statements. For example, if a payment wasn’t processed correctly and you were charged a late fee that you shouldn’t have been, you’ll see it and you can call your card issuer to have it corrected. Or perhaps you took advantage of a temporary introductory offer on balance transfers with a card like the Suncorp Platinum credit card. Your statement will let you see when that offer expires and your rate goes up so you can decide to quickly pay any outstanding balance from the transfer if you don’t want to pay more in interest.

As you can see, not checking your credit card statements regularly can be a real mistake. You could be an unknowing victim of identity theft, suddenly find yourself paying more because you forgot about an expiration date on a special offer, or be stuck with charges you didn’t mean to authorise due to simple mistakes. Reviewing your statement can help you catch problems with your account. And you can’t fix those problems if you don’t know they exist.

It’s a good idea to review your monthly statement right away when you receive it — either through the post or online. Verify charges against your own records, like purchase receipts. And if your credit card company lets you review transactions closer to real-time online, review it even more often than monthly.