According to the Reserve Bank of India, the nation holds 36.2 million active credit cards as of January 2018. Approximately 7.39 million cards were issued between January 2017 and 2018. In fact, credit utilization increased drastically between November 2016 till January 2017, post demonetization. Between January 2017 and 2018, Rs. 40,761 crore worth transactions were made through credit cards, which is nearly the same through debit cards even though the number of debit card users is many times higher.
This gradual increase in credit card usage is not only for demonetization but also for the noteworthy benefits they bring to users. One can get attractive offers, discounts, reward points, etc. while transacting using these cards. However, what most people don’t know is – they can also save money if they monitor their statements and utilize the card strategically.
If you too apply for credit card, know these simple tricks on how to monitor your credit card statement.
Trick 1: Check for errors
Your statement contains the record of every transaction since the previous month’s billing date. So, review it every month to ensure there are no errors in the details. Avoid paying fines or charges where you are not at fault. Further, if you receive only e-statements, keep hard copies to compare it with previous bills.
Do report any discrepancy at the earliest.
Trick 2: Check for any duplicate charges
At times, a credit card or POS machine may crash out in the middle of payment. As a result, you may end up paying twice for one transaction. Or, you may even come out empty-handed even though the transaction is recorded as done.
It’s not always possible to check with the representative. Thoroughly review your monthly statements to avoid making such double payments for a single transaction.
Trick 3: Track your spending habits
Your credit card statement are vital to track your spending habits and limit as required. Since different types of credit card come with different pre-set limits, monitoring the statements can help users spend only what they can repay conveniently. They can check where they are expending more and where to cut down the expenses.
In case you’re going to apply for a credit card for the first time, here are a few vital pointers you need to keep in mind about its bill payments.
● Financial companies usually set the payment due date 20 to 25 days from the date of bill generation.
● No interest is levied if you make the payment within this period.
● Defaulting on the dues within the specified date will not only incur heavy interests but will also impact your credit history and CIBIL score significantly. It will further make it difficult for you to avail loans in future.
So, do check the payment date mentioned in your bill and pay off the total amount due within the credit card date.
Now that you know the tricks to save money with simple monthly reviews of your statements, apply for a credit card that best matches your financial habits. You can opt for the Bajaj Finserv RBL Bank SuperCard, which packs the features of 4 different types of credit cards into 1. Besides all the basic features of credit cards, this one comes with the following industry-first features.
a. Unlike any other card, the SuperCard incurs 0% interest on ATM cash withdrawals for up to a period of 50 days with a nominal 2.5% processing fee.
b. You can avail an emergency personal loan with zero interests against the unutilised limit on your card for a time period of 90 days.
c. Make your repayments effortlessly in 3 affordable EMIs.
You can also avail pre-approved offers on the credit cards provided by Bajaj Finserv. These pre-approved offers are tailored for existing customers and make the whole process uncomplicated and less time-consuming. Such offers are also valid on various financial products including business loans, personal loans, home loans, etc. Check your pre-approved offer by submitting details like name and phone number.
Proper utilization of the credit cards and reviewing the statements per month can not only save money but also improve your financial habit, increasing your credit profile. So, check out the types of credit card available and apply for the one most appropriate for you.