Monitoring your credit card activity is one of the most important financial habits you can develop. It’s a best practice that’s inculcated into new and existing credit card users alike, and for good reasons. Regularly inspecting your credit card details allows you to check the legitimacy of your transactions, immediately address security concerns, and avoid costly mistakes before it’s too late.
The good news is there are credit cards, like the Maya-powered Landers Cashback Everywhere Credit Card, that allow you to monitor all your transactions in a snap. This will make it easy for you to make a habit of evaluating your spending and checking where you’ve used your credit card for payment.
See Every Detail of the Landers Cashback Everywhere Credit Card on the Maya App
Aside from letting you know how to get Maya credit card and actually guiding you through the process of applying, the Maya app also shows all the details of the Landers Cashback Everywhere Credit Card. From the app, you can check your credit card information. For example, if you want to make your online shopping experience more secure, you can use your credit card’s dynamic CVV, which can be accessed from the Maya app. The dynamic CVV is only valid for 24 hours, and a new number is generated every time the card details are accessed in the app.
The app also keeps track of all the activities, including real-time in-store and online purchases, that involve your credit card. This makes it easy for you to check where and how your credit card was utilized, its remaining balance, and other details that you might want to know. To see if a transaction pushed through or to itemize your spending for the week, just go to the Cards section and check the transaction details of your Landers Cashback Everywhere Credit Card. Making a habit of checking your statements allows you to:
Detect Fraud Early and Take Steps to Address It
One of the most critical reasons to monitor your credit card activity is to detect fraud as early as possible. Fraudulent transactions can happen to anyone, and the quicker you notice them, the easier it is to resolve the issue. Fraudsters sometimes start with small, seemingly insignificant purchases to test if the card is active before making larger purchases. By regularly reviewing your statements, you can spot unauthorized transactions that may otherwise go unnoticed.
Prevent Identity Theft and See Its Early Indicators
Identity theft occurs when someone uses your personal information to open new accounts or make purchases in your name. Monitoring your credit card activity can help prevent this. Checking your credit card statements for any unfamiliar activity is key to spotting this early. Look for transactions in locations you’ve never visited or large purchases that don’t match your spending habits. Even if you don’t see immediate signs of fraud, small red flags like strange transactions or inquiries into your credit can be early indicators of identity theft.
Manage Your Spending So It Stays Aligned with Your Budget
It's easy to lose track of how much you’re charging to your card, especially when you’re making frequent small purchases. Regularly reviewing your credit card activity allows you to manage your spending and stay on top of your financial goals. For instance, if you’ve decided to cap your grocery shopping at Landers at PHP 10,000 for the month, you can check your credit card’s transaction history on the app to see if you’re still on track.
Avoid Late Fees and Interest Charges
Keeping a close watch on your credit card can help you avoid late fees and interest charges, too. Missing payments or paying late can result in hefty fees, not to mention a hit to your credit standing. By monitoring your account, you’ll stay aware of when payments are due and how much you owe. Set reminders or automatic payments to ensure you never miss a due date.
Maintain a Healthy Credit Utilization Ratio
The ratio of the credit you use compared to your total credit limit plays a significant role in determining your credit score. It is generally recommended to keep your credit utilization below 30% of your available limit. By monitoring your credit card activity and making sure that you’re not using too much of your available credit, you can maintain and even improve your creditworthiness.
Catch Billing Errors and Bring Them Up with the Issuer
Mistakes happen, and sometimes merchants or credit card companies make errors that could affect your account. These mistakes can be frustrating, but if caught early by reviewing your statements, they can often be resolved quickly with a simple call to the merchant or your credit card issuer. If you notice any discrepancies in the transactions charged to your Landers Cashback Everywhere Credit Card, you can contact Maya’s 24/7 in-app support.
Understand Changes in Interest Rates, Fees, or Limits
Credit card terms can change over time. These changes and updates can affect your interest rates, fees, or credit limits. By monitoring your account activity and reviewing any notifications from your credit card issuer, you’ll stay informed about any changes that could impact your finances. If your interest rate increases or new fees are introduced, it’s important to know about it as soon as possible so you can adjust your spending accordingly.
Avoid Maxing Out Your Credit Limit
Finally, keeping track of your credit card balance ensures you don’t accidentally max out your credit limit, which can result in additional fees and negatively impact your credit standing. If you approach your limit without realizing it, your credit card issuer may charge an over-limit fee or even deny further transactions. Additionally, maxing out your card can affect your credit utilization ratio, which is a factor in your credit score. To avoid this, stay aware of your spending and available credit by checking the Maya app often.
By consistently monitoring your Landers Cashback Everywhere Credit Card transactions, you protect yourself from fraud, prevent unnecessary charges, and manage your finances effectively. No matter if you’re looking to maintain a healthy credit score or to simply stay on top of your spending, regularly checking your credit card statement is a habit that will help you maintain financial security.
