You can find out a lot about your credit card from its monthly billing statement. Among other things, it should indicate your billing cycle’s start and end dates.
It should also include a payment due date and details of your most recent transactions, including purchases, payments and credits (like refunds), and fees like interest charges.
Keeping track of your spending
If you are struggling to stick to a budget, tracking your spending can be a big help. There are a few ways to do this, including using credit card apps that track your transactions and offer budgeting tools. Some of these apps, such as Budget Buddy, Pocketguard, and Spendify, even allow you to view a detailed breakdown of your monthly spending.
Other ways to keep track of your spending include saving receipts and checking them against your online statements. This can help you catch fraudulent or unauthorized purchases, and can also be a good way to ensure that the vendors listed on your statement are correct.
Another option is to use an automatic payment system that can make sure your credit card payments are made on time every month. Alternatively, you can write a physical check each month and send it in to your card issuer. Just be sure to monitor your card statement before the due date each month to avoid missing payments.
Getting a better deal on your purchases
Getting a better deal on your credit card purchases starts with understanding what happens during the billing cycle. It’s something you might not know a lot about, but it can make a big difference.
Your billing cycle typically lasts anywhere from 28 to 31 days, depending on your card issuer and the number of days in each month. You can find the start and end dates of your billing cycle on your monthly statement, near the balance.
A lot of us put smaller bills like streaming services, gym memberships and gas on our cards. If you can afford it, paying these and other recurring expenses in cash instead will help decrease your utilization and build your payment history. It can also save you money on fees. By federal law, your card issuer must promptly credit or refund any overpayments. This includes disputed charges and credits for returns or other items you’ve returned. The card issuer also must give you a written notice of your right to dispute mistakes in a reasonable amount of time.
Getting a better deal on your interest rates
Credit card interest rates are subject to change, and you may be able to get a better deal on yours by calling your credit card company. Ask to speak with a manager and mention that you have been a loyal customer for several years. It can help to explain that you have been paying off your balances within the grace period each billing cycle and are seeking a lower rate as a result, check out here.
It is also helpful to know what a billing cycle is, and where the information is located on your statement. This will allow you to make a more informed request. It is also a good idea to keep records of your debt, income and expenses as you negotiate a rate reduction. You can use these to demonstrate your financial standing and make a strong case for why you deserve a reduced interest rate. Be sure to be polite and respectful when you talk with a representative.
Getting a better deal on your fees
Credit card fees are a fact of life, but they don’t have to be unavoidable. By understanding how to negotiate these fees, you can save a lot of money. The first step is to understand the intricacies of the payment industry and what leads to transaction fees that vary.
A good place to start is with the fee section of your statement, which lists any fees that you’ve incurred during the past billing cycle. These fees typically include a variety of charges, such as overlimit, cash advance, and balance transfer fees. You’ll also find your recent transactions listed in this section, including purchases and pay over time balances.
Conclusion:
The next step is to understand the different pricing models and what you can negotiate. For example, the processor markup is negotiable, while the interchange and assessment fees are non-negotiable. Finally, be sure to choose a provider that offers the interchange-plus or subscription model, which is more transparent than the flat rate option.