Accessing your credit card statement may seem like a simple task, but many users end up making mistakes when reviewing their American Express statement. These slip-ups can lead to unpleasant surprises and even financial difficulties.
In this guide, we will explore the five most common mistakes made when accessing an American Express statement and how to avoid them, ensuring you have full control over your finances.
Not Checking Transaction Details
Many users make the mistake of quickly glancing at their American Express statement without checking the details of each transaction. This habit can be dangerous because you might miss out on erroneous charges or fraudulent transactions.
How to avoid it: When accessing your statement, take time to review each transaction carefully. Check the description of every purchase, the charged amount, and the transaction date. If you notice anything unusual, contact American Express customer support immediately to dispute the charge.
Ignoring Fees and Additional Charges
Some cardholders are surprised by unexpected fees, such as interest charges, late fees, or annual maintenance fees. Ignoring these fees can result in a higher debt than expected.
How to avoid it: Before accessing your statement, keep in mind the fees associated with your card. Regularly check the fee section of your statement to understand exactly what is being charged. If you’re unsure about any fee, reach out to American Express customer service for clarification.
Not Checking the Payment Due Date
Many people make the mistake of not checking the payment due date on their statement. This can lead to late payments, which generate additional interest and penalties.
How to avoid it: Always mark the due date on your calendar. To make it easier, set reminders on your phone or note the due date in your finance app. Additionally, set up automatic payments, if possible, to ensure that your payment is made on time.
Not Taking Advantage of Card Benefits
American Express offers various benefits, such as rewards programs, cashback, and exclusive promotions. Not taking advantage of these perks is a mistake many people make when accessing their statement without considering what they could be gaining by using their card wisely.
How to avoid it: When reviewing your statement, check if you are maximizing the benefits of your card. Learn about the rewards program and find ways to maximize points or cashback. Also, take advantage of special offers and promotions that may be included in your statement.
Failing to Compare with Previous Statements
It’s easy to forget to compare the current statement with the previous one, which can lead to mistakes in evaluating your spending behavior. You may not realize you’re spending more than usual or that there’s a growing trend in your expenses.
How to avoid it: Before accessing your current statement, review your previous statement to identify changes in your spending pattern. This will help you spot any unusual behavior and allow you to adjust your spending before it becomes an issue.