Yes you read that right!

Swear and cross your heart and answer the question, how many of you read your credit card statement?

99% see the total amount due, just glance at min amount and make the payment.

Unless there is a huge number that’s popping out and catches your eyeballs, chances are you just pay. Now we all know how good credit cards are, why you should have a credit card what you need to do with your credit card limit etc. But today let me tell you why you should read your credit card statement and how and why it can be your kundali i.e. your horoscope. A credit card statement tells you much more than just what you spent and the amount you need to pay.

Here are a few pointers

  1. You can figure out how much you are spending on what? essentials, luxury, impulsive purchases? regular payments ( insurance premiums etc) See how you can do it better. I am not moral policing you nor being judgmental but read between the numbers and ask ‘can I do better’?

  2. If your spending is more on eating out/ takeaways trust me in the future your statements will be of pharmacy and doctors fees! focus on your health.

  3. Track last 6 month credit card bills This is a great eye opener! it will make you realise more than any self help book. Thank me later.

  4. If you see lot of payments that can be impulsive buying, now is the time to change that/

  5. Check for the charges.

7/10 credit card users tell me they never read their bills. There are charges that are levied at times inadvertently but you just go ahead and pay them. You not only pay unnecessarily but also end up accepting the fact that you needed to be levied those charges! why?

  1. If there is a disputed amount that is billed. “ALWAYS PAY FIRST, FIGHT LATER”. Most do the reverse and till the dispute is resolved the credit card guys are going to charge you further for not paying up. Once we pay we have the upper hand and can always get them to refund.

  2. When you get a reversal done” always ask for the TAX & INTEREST Amounts” too. Dont just accept the exact amount to be reversed. Its your right.

  3. Regularly redeem your reward points. Buy movie tickets, Amazon coupons, whatever else that works for you but use it. Dont let the points accumulate as at times they are not valid anymore.

  4. Dont ask for points to be redeemed in cash to your account as there is a conversion charge and interest on it, so you lose out!

  5. There are exclusive offers made to you on the second page of your statement, it also gives details about the reward points. Make use of it. its literally earning from the money that you have spent!

  6. Dont stop using your card all of a sudden, your credit limit will start to fall and you will not be eligible for certain perks. Its always a good idea to swipe now, but pay later for sure. Post Corona our lives have changed. Now this is going to be the new normal. So our horoscopes have collectively altered. Money that you are saving on eating out, fuel and movies put them to good use. If you have old debts pay off and ease your cash flows.

Or start a SIP and change your fortunes! Let the “rahu, ketu, mangal’s” do you good as you smile your way to the bank.

Ms Aparna Ramachandra Founder Director aparna@rectifycredit.com (www.rectifycredit.com) https://www.amazon.in/Why-My-Credit-Report-Screwed/dp/9387860590/ref=sr_1_1?crid=EQ0ZTV56VMMZ&keywords=why+is+my+credit+report+screwed+up&qid=1572936160&sprefix=why+is+%2Caps%2C351&sr=8-1 https://www.flipkart.com/my-credit-report-screwed-up/p/itm87c34f07bc67f?pid=9789387860599&lid=LSTBOK9789387860599HC38JC&marketplace=FLIPKART&srno=s_1_1&otracker=AS_Query_HistoryAutoSuggest_0_1_na_na_na&otracker1=AS_Query_HistoryAutoSuggest_0_1_na_na_na&fm=SEARCH&iid=2905257b-99e1-48eb-848e-15e8efe97c70.9789387860599.SEARCH&ppt=sp&ppn=sp&ssid=wkaaclk1cpfot4hs1572936283401&qH=9d4bbdd0c0efbe45

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  1. You actually don’t need to pore through your credit card bills for understanding your spend patterns and expenditure categories. You can rely on apps that do it for you, assuming you get SMSes for all your credit card payments.

    But poring through the statement for guarding against fraudulent charges is a good habit.

  2. Why is that its hard to analyze yearly credit card expenses? Like bank account yearly statement credit card companies shy away from sending one or facility to extract one.

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