In this age of rapid digitalization reaching even the far corners of India, many banks and financial institutions in the country are adopting e-statements to reduce printing and mailing costs. However, studies reveal that majority of people owning credit cards are still getting their bills the old school way. If you are one of them, here’s why you should be making a shift to e-statements and how you can manage them efficiently.
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Why are Credit Card statements important?
First and foremost, they serve as a reminder to pay your credit bill before the due date to avoid being charged more. Also, they are a documentation of your transactions in the month, and also a way of knowing if you have been unfairly or incorrectly charged with extra fees or interest.
Why do people still prefer physical statements?
Most people prefer physical statements simply out of habit. Then there are those who like keeping all their documents filed, so that they are easier to find when needed. Furthermore, email statements often go unnoticed by people, so in order to not miss paying a bill, many prefer a physical bill.
Why are e-statements better?
The first and most important reason to switch to e-statements is that they are eco-friendly. You help save paper (indirectly, trees) by opting out of physical bills. Also, once you receive and review your e-statement, you can proceed to pay it at that same instant. There is a small risk that you might miss seeing the e-statement, however nowadays, banks send you reminder messages for bill payments or you also have the option of setting your bill for automatic payment through net banking.
How to manage your e-statements better?
Whenever you receive your e-statement download and save it on your personal devices. It’s always better to save a copy of your e-statement on your computer or smartphone, so that you can easily refer to them whenever needed without having to comb through thousands of emails in your inbox.
If you have multiple cards then make different folders for each, then download and store all the e-statements month and year wise. It is always good to have all your financial records on hard drive and in order.
Since you are maintaining a record of everything on your device, ensure that your device is protected, and your documents are password protected.
Keep a close watch on your credit card account. Check it online or through the card provider’s mobile app once a week, in order to watch out for any unauthorized charges or fees.
Create a record-keeping spreadsheet, especially if you have multiple cards. Note down the different cards and the monthly bill amounts in it. Every month you pay a bill, mark it in this sheet. In this way, you can keep a track of your monthly expenses and pay bills on time.
Whenever you change your email ID, phone number or home address, make sure you inform your credit card provider to avoid missing e-statements or other important and confidential documents sent by them.