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J

25 Jun 2020

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Credit Cards

Do you check your credit card bills to ensure that you're billed correctly?

Just curious, do most people check their monthly cc bills to ensure that you're charged correctly (e.g. money refunded to you by merchant is reflected, the money spent is indeed correct) before paying your monthly cc bills?

Generally, I don't check as I would assume that the bank wouldn't charge me inaccurately. But I'm not sure if i should actually be diligently checking?

Discussion (6)

What are your thoughts?

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Personally, I would glance through the statement and look out for things that are out of the norm. Like, the vendor name is very weird or you know, is not among those you regularly shop at.

Unless you are really short on time, i would highly recommend you check. Spend a good 15 minutes or so every month to look through and jog your memory on the various transactions. Of course you don't need to be exact on the amount spent. I always aga aga.

You can assume the bank to do its job. But banks do slip up sometimes and when they do slip up, you cannot fault them as they would say in their statement, please raise disputes within 7 days. I rather be on the safe side sometimes. Might even save more time.

Cheers

Unless you have 100 over transactions per month, I think it doesnt take long to scroll through your statement to take a look. Now with the mobile apps, its alot easier. You dont even need to see the statement can just see the transaction history anytime.

Dont really need to pin point every transaction to check. Just scroll through and if theres anything, it should be quite obvious. E.g. unknown website charges that you never visit before. Or if you get charged from netflix but you dont use netflix

Edwin

24 Jun 2020

AVP in Product Management at Bank in Singapore

I think it's up to individuals preference and their confidence level to the bank that you are referr...

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