Have you ever faced a situation where your credit card bill came up to be much higher than you expected? It is rare, but it may happen to you as well. Sometimes, the cardholders are not just aware of their actual expenses and that’s why the bill seems to be very high to them. But, sometimes it’s actually higher than the purchases that you have made. In this article, we are going to discuss some possible reasons why your credit card bill may be showing the wrong amount and what you can do in such a situation:
Why Your Credit Card Bill May Be Showing an Incorrect Amount?
You may get afraid if your credit card bills show a high amount than you expected. The following are some of the reasons why it may have happened:
Transaction May Be Repeated
Though card issuers rarely make these mistakes, sometimes there might be some technical glitches due to which a transaction is mentioned twice or multiple times on your credit card statement. This further leads to an increased amount on your credit card bill than you might have expected. Sometimes the transaction actually happens twice at the merchant store. Similarly, there might be some calculation mistakes and it becomes essential to check your credit card statement in such situations.
There Might Be Some Credit Card Charges
Credit Cards also have different fees and charges associated with them, such as the annual fee, interest rate, cash advance fee, forex markup fee, and many more. If it is the anniversary month of your credit card, your annual fee might also be added up to your credit card bill. Similarly, the respective fees and charges may apply if you have used the cash advance or foreign transactions facility. So, if your credit card bill comes up to be higher than expected, you can check the detailed statement for such fees & charges also. Every single applied charge would be mentioned there in your statement.
Fraudulent Transactions Might Have Taken Place
This is the worth thing that might have happened to you. Though card issuers take various steps to ensure the safety and security of credit cards for their customers, credit card fraud cases can still be seen very often. There are chances that fraudsters have somehow found your credit card information and they used it for their purchases. If you observe some transactions on your credit card statement that you never made, you must contact your credit card issuer and inform them.
What You Should Do?
Check Your Credit Card Statement
Credit Card users mostly tend to ignore their credit card statements, but this is one of the biggest mistakes they might be making. The credit card statement contains all the information about your transactions in a particular billing cycle and hence it becomes an important document to pay attention to. Many times people end up paying extra bills just because they don’t check their monthly statements and they never realize that there might b some mistakes in their statements.
Contact Your Card Issuer
As soon as you come to know that there is a wrong amount mentioned in your credit card bill, you must contact your credit card customer care. Call them or leave them an email regarding your query. If there is a miscalculation in your monthly statement, they will get it corrected. And if it is a case of fraud, you can get zero liability protection. The card issuer will try to help you out in the best possible way.
Now, you might have understood all things you need to check for in your credit card statement when your credit card bill shows a wrong amount or an amount higher than you expected. Don’t just call the card issuer to register fraud without checking your statement. It is because there might be some valid fees and charges due to which your bill came up to be slightly higher. But yes, if it seems to be because of a fraudulent transaction, you should report it to the bank as soon as possible.