Every month we receive credit card statement containing details of various transactions performed during the month. Credit card statement can also be checked online. It is important for every credit card holder to remember the credit card billing cycle.

Credit card statement is an important source of information on various purchases or payments made by using the credit card. It is the responsibility of the credit card holder to verify all the transactions mentioned on the credit card statement. There can be situations where a transaction is appearing twice or an incorrect transaction is included in the statement.

Five Steps To Correct Billing Errors In Credit Card Statement

a) Verify Line Items:

As soon as credit card statement is received by the credit card holder, all the line items mentioned on the statement should be checked in detail. Nature of transaction as well as corresponding amount should be verified.

b) Verify Total Amount:

Once all the line items and corresponding amounts have been verified, total amount due should be verified by adding all individual line amounts.

c) Identify Discrepancy:

In case you identify any discrepancy in any of the transactions on the credit card statement, you should note down the details of that particular item/transaction.

You should check the transaction with the actual invoice/bill.  You should also check whether the discrepancy is on account of any error by the merchant or on account of any mistake in reporting the item/transaction by the credit card company.

d) Notify The Discrepancy:

Any kind of discrepancy identified in the credit card statement should be immediately reported to the credit card company. This notification can be made by calling the customer care center of the company.All the relevant details on the nature of transaction should be provided to the customer care executive.

Hence, it is very important for the credit card holder to keep original bills for all the transactions performed using the credit card. This helps the credit card holder to substantiate his/her claims against such billing errors.

A unique reference number may also be provided by the customer center which can be used to track the status of your complaint. Further, a written complaint should also be made by writing a letter to the credit card company or through email on the relevant mail id. This mail id can be obtained from the credit card company’s website.

Once a complaint has been lodged with the credit card company, credit card holder will be under no obligation to pay the amount that is in dispute and any kind of subsequent financial charges that may arise on account of late payment.

e) Wait For Response From Credit Card Company:

Credit card companies have a turnaround time within which they have to respond back to the credit card holder on the status of his/her complaint.Credit card company should respond within 30 days from the receipt of your complaint.

Though there is no need to contact the company during this period, it is advisable to check the status of your claim after a period of 10 to 15 days from the date of your complaint.

Every month we receive credit card statement containing details of various transactions performed during the month. Credit card statement can also be checked online. It is important for every credit card holder to remember the credit card billing cycle.

Credit card statement is an important source of information on various purchases or payments made by using the credit card. It is the responsibility of the credit card holder to verify all the transactions mentioned on the credit card statement. There can be situations where a transaction is appearing twice or an incorrect transaction is included in the statement.

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