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6 Reasons Why Your Chase credit Card Balance Is Wrong

6 Reasons Why Your Chase credit Card Balance Is Wrong

Yipee! This month’s credit card bill! Said no one ever. Having a credit card is a nice payment option to have, but it always comes with a cost. 

Yet, what if your usual bill doesn’t look right in some way? Perhaps it’s a double purchase for something you only bought once, an expense for a streaming service you’ve never heard of, or even your overall balance looks way higher than it should be. What do you do in any of these cases?

In this article, we’ll go over some helpful hints for those who bank with Chase and other institutions. If you strongly believe that your latest credit statement is wrong, here are some ways to tell if that’s the case. 

Why is my Chase balance incorrect?

It could be a technical error, but you’ll need evidence to support that claim.

There are times when banking institutions such as Chase will experience technical errors on their side that can affect thousands of customers.

Thankfully, however, these issues are resolved fairly quickly, meaning your statement will balance out before long. 

With that being said, it could simply be that your credit card statement balance is higher than your current balance. This is fairly normal for most credit cards today. This has to do with billing cycles, and your current balance is a reflection of all payments and charges you made to your account for that period. Your statement balance might seem a bit high, but this might just be business as usual. 

To avoid being charged interest, do your best to pay off your statement balance in full. As long as you do so before the due date, you’re smooth sailing! 

Paying off your credit debts might seem like a chore, but doing so within the agreed timelines will not only help you avoid being charged extra, but will also improve your overall credit score.

If credit card issuers see that you habitually pay off all your statements, you’re more likely to receive better deals and grace periods in the near future. They’ll see you as less of a risk, and will be more likely to help out should something actually go wrong with your credit account

Why is my credit card balance less than what I spent?

It has to do with billing cycles, and they can take time to show up.

Your balance might not properly reflect the purchases you recently made, and this could just be that your credit card issuer hasn’t yet made a report on your overall balance. This usually happens around the end of the billing cycle. 

Credit reports can take a few months to make a full update. This is also the general timeframe when credit card issuers make their reports to credit bureaus. It’s not a daily occurrence, so don’t worry about your statements just yet, all it might take is simply wait it out. 

Can my credit card statement be wrong?

It can be, but be sure to report as many details as possible. 

If you triple check your statements and firmly believe something is fishy with your current credit report, file a credit report dispute. Doing so will prompt your credit card company to initiate an investigation on your behalf. 

However, you’ll also have to do your part as well. Gather all the relevant paperwork (receipts, bills, whatever necessary) and mail it to your creditor as soon as you’re able.

State your case using all the evidence at your disposal. The more details you put into your dispute, the more likely your credit card company will drop any mistaken charges. 

Yet, before you start the process, try talking to the merchant that did the sale for a charge you believe to be incorrect. It could’ve been as simple as a double swipe for a single purchase, and it doesn’t hurt to check just in case. 

What should I do if I suspect my card balance is wrong?

Make a detailed report, and watch out for scammers.

If it turns out that you have to go the full distance, make sure you compile all your evidence and send it by certified mail so that your personal banking information remains in safe hands.

This dispute should be between you and your credit card company, and always be wary of any third-parties offering to help you. 

Should someone you don’t know claim to be representing your credit card company or bank, tell them you’ll call back and then contact whichever customer service number that’s attached to your bank or credit issuer.

If the numbers don’t add up, then someone might’ve been trying to scam you. 

In the event that you suspect your card information has been stolen, call your bank immediately. Also, be sure to comb through all your past credit and debit statements for anything that looks out of the ordinary. When it comes to stolen information, the sooner you act on it, the better. 

Is there a Chase customer service line I could contact?

Yep!

Chase offers a plethora of services to help their customers. In addition to credit cards, they also deal with business banking, auto loans, and more!

Final Thoughts

Before you go full detective on your credit balance, try waiting it out first and see what happens. However, regardless if a bill is correct or not, try reaching out to your credit issuer anyway to make sure.