Advantages of Changing to Electronic Credit Card Statements
Many companies in the finance industry are putting pressure on their customers to forego paper statements in an effort to cut costs. If you receive such a request, you many wonder if it's a good idea. If you stress over piles of unmanaged bills, email statements may be the way to go. Here are points to consider:
- Taming the Clutter - Monthly paper statements can pile up, especially if you have multiple accounts. Organization is an important key for creating an environment that makes managing finances easier and less stressful. Eliminating clutter with paperless statements is one step that makes sense.
- Ecological Benefits - With the whole world focusing on the ecology of the planet, eliminating paper statements is a no-brainer. With the addition of advertisements, the amount of paper waste can really add up.
- Security - Either option, paper or electronic, is vulnerable to credit card theft. Paper statements need to be handled with care to keep them out of the hands of crooks by using a shredder when disposing of them. Online statements require careful handling of login and password. Never store them on your computer, unless they've been encrypted. Never keep your account number, login and password anywhere in writing; always memorize this type of sensitive information.
- More Convenient - Your ultimate goal should always be to make your payment on time. Perhaps the most convenient reason to accept electronic or e-mail statements are the available payment options. With one click of a button, payment is made from anywhere you have an Internet connection. By paying your bill via an online payment system, you can even select recurring payments for bills like rent, car payment etc. that will be automatically paid each month. One-time and periodic payments can also be set up months in advance.
- Account Management - You will have immediate access to all of your previous statements with an online account. View your statement activity, confirm the balance, finance charge and due dates, pay bills and transfer funds - all 24/7.
New technology is sometimes scary. Some people hesitate because they're not sure they can trust the service and believe they can't manage as well without paper statements. Old habits may die hard but aren't impossible to break. Consider using both paper and email statements until you're comfortable about making the switch to electronic payments, exclusively.
Save Money - Fewer stamps, envelopes, checks and time will save money. With the ability to pay at the drop of a hat, late fees will be less likely - saving upwards of $39 for each delinquent payment infraction.
Things aren't all positive with electronic statements. As many people have experienced, there will be times when the Internet is down; however, you will still have the option of calling on the phone to manage your account. If your computer is out of commission, the problem may be more challenging.
And finally, when you're making financial decisions, the responsibility is ultimately yours. Be sure to back-up all of the data you store on your computer. Read all correspondence from lenders and pay attention to the details.
Questions and Answers
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Individuals with problematic credit histories often suffer unfairly from high mortgage, insurance, and car loan rates. On top of that, they have difficulty getting approved for credit cards. The whole situation can get extremely frustrating. Frequently, I get emails from consumers wondering what they can do to rebuild their credit. The first thing I tell them is to get a credit card designed for people with bad credit.
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Establishing large credit card debts in college develops poor money management skills. Also, high interest rates keep students in debt well after school.
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Information to help you decide if a annual fee credit card is worth the cost. Read on to learn more.
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