Wouldn’t it be nice to have a personal assistant monitor your credit card activity and payment due dates so you can protect yourself from identity theft and accidentally missing payments?
Most credit card issuers offer text, app, and email alerts to make managing your credit incredibly easy, and it only takes about a minute to set them up online. Here are six of the most helpful notification types:
1. Balance notifications.
Wouldn’t you like to know as soon as possible if your credit card account has been compromised, and someone is hitting the mall with your card? You can set your account to notify you of your current balance, when it is within a certain amount, or even when it exceeds a set threshold. Doing so can also help you avoid overspending by regularly letting you know exactly how much you have charged.
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2. Transaction alerts.
In addition to notifying you of your balance, you can also be alerted when a transaction occurs that exceeds a preset amount. So if you rarely make purchases over $1,000, you can set up your account to be notified of possible fraud or identity theft as soon as a charge above that amount occurs. Thankfully, the Fair Credit Billing Act (FCBA) limits cardholder’s liability to $50 in the case fraud, and most cards offer a $0 liability policy.1
3. Payment reminders.
Even though the CARD Act requires that every month’s payment be due on the same date, it can still surprise some cardholders.2 In order to help prevent late payments and costly fees, many credit card accounts can be set to notify you a select number of days before your payment is due. You may also be able to receive notifications of when a payment is posted, or when your account is past due.
4. Statement notifications.
This feature can alert you when your statement is ready. This can give you extra time to review your transactions and your payment amount before the payment due date arrives. And in most cases, you will receive any reward points and miles about the time that your statement cycle closes.
5. General alerts.
These notifications let you know when new features or options become available. Enabling these notifications will allow you to take advantage of new account functions as soon as possible.