Gone are the days when you had to go to your bank’s physical branch just to request for a credit card statement. These days, you can instead just open your credit card’s accompanying app and access a digital copy of the statement from there. This makes checking your credit card expenses less of a hassle, especially if you’re too busy to visit the bank.
Having quick access to your card statement isn’t only convenient, it also allows you to note the deadline for when you should make your credit card payment and thus avoid interest charges or late payment fees due to missed payments.
For Landers Cashback Everywhere Credit Card holders, viewing their monthly Maya credit card payments and billing statements takes only a few taps on their Maya app. All they have to do is head to the Cards section, choose the credit card they want to check, tap the History icon, then go to Statements. There’s also an option to filter through specific billing periods, making it easy to check even statements from months ago. In addition to being accessible via the Maya app, the credit card statement is also sent to the email address they used when signing up.
To get a better idea on how else you can use your credit card statements to keep track of your expenses and manage your budget effectively, here are some tips for you to try out.
1. Review Monthly Statements for Spending Patterns
Regularly examining your monthly credit card statements provides valuable insights on how you’re spending your money. As your statement logs each purchase separately, seeing multiple entries for a specific expense can help you evaluate your spending habits and determine whether the recurring expenses are truly worth it.
For example, reviewing your credit card statement may lead you to notice how much you’ve been spending on food delivery orders this month. By noticing this pattern, you can then make the necessary adjustments to your spending habits, thus allowing you to save more and lower your overall expenses.
2. Track and Compare Monthly Trends
Using your credit card statements to compare your spending across several months helps you identify trends. For instance, if you use your credit card to pay your electricity bills, then you might notice that there’s an upward trend on the electricity payments you’ve made these past few months. This could then encourage you to be more mindful of your electricity use to shift that trend.
Similarly, if you notice that the bill payment was only higher than usual during a certain month, then you can deduce when seasonal spikes for your electricity bill occur and prepare your budget accordingly. By comparing your monthly statements, you can take more proactive measures to manage fluctuations, such as curbing unnecessary spending when you notice upward trends.
3. Set a Realistic Budget Based on Past Spending
Reviewing your statements allows you to create a budget that takes into account your actual expenses rather than relying on assumptions. By using your credit card to pay for ridesharing services, for example, you can then gather how much you spend on it in total based on your monthly statement. You can then use that information to help you set a realistic budget for your ridesharing service expenses each month. This makes your budget much more accurate and enables you to allocate your money more efficiently across different expenses.
4. Monitor Rewards
Some credit card statements also provide details about reward points. Therefore, if you want to use your rewards points optimally, then closely monitoring your credit card statements enables you to keep better track of them and make more informed decisions about when or how to use the points.
If you’re a Landers Cashback Everywhere Credit Card user, then you can also use your billing statements as a guide in ensuring you get the maximum cashback rewards possible for your card. The Landers Cashback Everywhere Credit Card currently gives you up to 5% cashback at Landers, 2% on dining spends, and 1% on all other qualified transactions.* However, to reach that 5% cashback at Landers, you first need to accumulate a certain total of qualified credit card spends. A minimum of PHP 20,000 qualified spend with your card boosts your cashback interest rate from 3% to 4%, then spending at least PHP 50,000 increases it further to 5%. Your credit card statements can then clue you in how close you are to reaching these goals, allowing you to spend strategically in the month ahead to reach those target spends for maximum cashback rate.
5. Spot Errors or Fraudulent Transactions
By regularly checking your credit card statements, you can detect any unauthorized charges or errors promptly. Catching discrepancies early enables you to report them to your credit card provider immediately and resolve them before they cause bigger financial issues. This habit protects your finances while also giving you peace of mind knowing your account is secure.
If you happen to notice any suspicious activity in your Landers Cashback Everywhere Credit Card’s history, you can reach out to us via Maya’s in-app support, available 24/7 to quickly attend to your concerns. You can also temporarily freeze your card with just a tap on the Maya app while your issue is being investigated.
Credit card statements can be an invaluable tool for tracking spending habits and budgeting wisely. Thus, always remember to go over your billing statements monthly and keep the tips above in mind so you can achieve better control over your spending and work toward your financial goals.
*Transactions that don’t qualify include: cash in, cash advance, quasi cash purchases, casinos and gambling, fuel, supermarket, pharmaceuticals, utilities, telco, and government.
