Even if you only use your credit card sporadically, you should check the statement of account carefully.
As well as checking things like the closing balance, Minimum Monthly Payment, any overdue or over limit amounts and the due date on your credit card statement, it's a good idea to go through your list of transactions with a proverbial fine-toothed comb.
Making sense of transactions
Your statement includes a list of transactions debited and credited to the account during the statement period. Go through this list and check to see if there are any unfamiliar transactions.
Sometimes, a company’s trading name is different to its business name. This can mean that the name in the transaction details is different to the store or brand name that you’re familiar with. If you see a name you don’t recognise, then you could go back through your receipts (if you have them) to see if anything matches up or you could try researching the trading name to see if it’s linked to a brand name you purchased from last month.
As well as looking out for unfamiliar names in the list of transactions, you should also make sure that you haven’t been charged the wrong amount for things; and that you haven’t been charged for things you never purchased.
Align your statement to your budget
If you use your credit card for all your everyday spending, you may want to get into the habit of cross-checking your statement with your budget. Get out those trusty coloured highlighters and mark up different categories of spend – food, entertainment, utilities and so on. Then, you could add up each category and compare your actual to budgeted spending.
It’s one method that may be helpful to check a budget is on track. If there’s a budget overspend, doing this could help that overspend to be picked up quickly and may help in working out ways to bring a budget back into balance.
What to do if you spot something wrong
If you think a merchant has incorrectly charged you the wrong amount for an item or they’ve charged you for something you didn’t buy you can contact them directly. Also check with any additional cardholders to see if they made the purchase. In some circumstances you may be entitled to reverse (chargeback) a transaction where you have a dispute with the merchant. ANZ's consumer credit card customers can refer to the ANZ Credit Card Conditions of Use for more information.
If you’re concerned that there’s something suspicious on your statement – like fraudulent activity – then you should immediately inform your credit card provider. If you’re an ANZ customer and notice any unusual transactions on your account, please contact us immediately by calling 13 22 73.