Decipher Your Credit Card Statement
Paperwork is necessary, not fun.
Paperwork is necessary, not fun. Here's a painless way to run through those credit card statements and check for errors or sudden rate changes.
1. Match your receipts with the purchases and new charges listed on the bill to be sure they're yours. Discrepancies could mean that someone has stolen your card number.
2. Check the payments and credits. Was your previous payment credited to your account, plus any items that you may have returned?
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
3. Review your APR (often when credit card companies raise a rate, the customer is not informed.)
The APR (annual percentage rate) and finance charges (quoted in dollars) tell you how much you're paying if you carry a balance. The APR is usually higher for cash advances than for purchases. Make sure you know how much you're paying for each.
Finance charges may be calculated based on several methods: the adjusted balance (which subtracts any payments you have made and is most advantageous to borrowers), the average daily balance (all balances are added up and divided by the number of days in the billing cycle) or the previous balance, and may or may not include new purchases.
4. See how much available credit you have. What percentage of your total credit line are you using? Aim for no more than 50% and as little as 25%, if possible -- to keep your credit score in check.
JUMP TO:
Finance
Credit
Retirement
Investing
-
Why Taiwan Semiconductor Stock Is Falling After Earnings
Taiwan Semiconductor beat expectations for the first quarter but its stock is notably lower. Here's why.
By Joey Solitro Published
-
Strategies to Optimize Your Social Security Benefits
To maximize what you can collect, it’s crucial to know when you can file, how delaying filing affects your checks and the income limit if you’re still working.
By Jason “JB” Beckett Published
-
403(b) Contribution Limits for 2024
retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
By Jackie Stewart Published
-
Roth IRA Contribution Limits for 2024
Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
By Jackie Stewart Published
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
-
Five Ways to a Cheap Last-Minute Vacation
Travel Procrastinator? No matter. You can pull off a fun and memorable getaway on a moment's notice — without breaking the bank.
By Vaishali Varu Last updated
-
How Much Life Insurance Do You Need?
insurance Instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring your life-insurance needs.
By Kimberly Lankford Published
-
When Is Amazon Prime Day?
Amazon Prime In 2023 Amazon had two Prime Day events — one in July and another, called Big Deal Days, in October. We expect 2024 to follow the same schedule.
By Bob Niedt Last updated
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
By Kaitlin Pitsker Published
-
5 Ways to Shop for a Low Mortgage Rate
Becoming a Homeowner Rates are high this year, but you can still find an affordable loan.
By Daniel Bortz Published