You may not realize it, but your credit card is one of the most important pieces of financial information you have. That’s why it’s so important to make sure you’re notified of all your credit card transactions. By doing so, you can keep track of your spending and make sure your account is in good standing. And it’s more than just about account spending too. You can save yourself a LOT of heartache and potentially money by enabling something as simple as a notification. Let me break down some important reasons why you need notifications for all your credit card transactions.
1. Keep Track Of Your Spending
It’s easy to lose track of your spending when you’re not keeping an eye on your account. With notifications, you can see exactly where your money is going and how much you’re spending. This can help you stay on budget and keep track of your finances. If you have a significant other that tends to spend, this can help you stay aware of their spending as well.
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2. Avoid Fraud
One of the benefits of notifications is that they can help you avoid fraud. If you see a charge on your account that you don’t recognize, you can immediately report it to your issuing bank. When this happens, time is of the essence. I’ve literally seen thousands go up in smoke in a matter of an hour. Adding a notification can help you avoid costly fees and potential damage to your credit score.
3. Stay On Top Of Your Account
In order to maintain a good credit score, it’s important to stay on top of your account. By getting notified of all your transactions, you can ensure that there are no late payments or other red flags that could lead to a negative mark on your credit report.
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4. Peace Of Mind
Perhaps the biggest benefit of notifications is the peace of mind they provide. When you know what’s happening with your account at all times, you can relax and rest assured that your finances are in good hands.
Notifications Aren’t Just For Credit Cards
Notifications are great for more than just your credit cards as well. You should definitely have notifications set up with your financial institutions as well (bank, credit union, etc). A very popular method of fraud is performing illegitimate ACH wire transfers. And it’s not just for fraud detection either. I love having them set up for account balance changes, transfer deadlines, and other important details like overdraft fees and penalties.
Popular Financial Scams You Don’t Want To Fall For
As a great general rule of thumb, you likely want to make sure that your finances are as stable as possible. Unfortunately, there are many people out there who would love to take advantage of that stability. The best arrow in their quiver: financial scams. If you aren’t extremely careful, you could easily find yourself the victim of one of these schemes. Financial scams are growing in popularity and becoming really common. Right now, almost every banking institution I belong to has a permanent banner in their app that warns of these scams. It’s important to be aware of the most popular scams out there and know how to avoid them. Here are a few to be aware of:
Debt Collection Scams
If you receive a call from an unknown number and they are demanding payment on something that doesn’t seem legitimate, don’t provide any personal information. Instead, do some research into the debt collector by looking up their license numbers or asking for written proof of what you owe them. If there is no evidence available online then it might be time to hang up immediately as this could lead to identity theft! Plus, don’t answer calls from “Unknown” numbers. That should be your first indication that something might be amiss.
Phishing is a common crime where con artists use emails or texts that look just like they’re from banks, popular merchants, and others you may know. Phishing is one of the most clever and effective kinds of scams out there. They are easy to fall for as well. They try to get users into sharing bank account numbers among other things, which can immediately grant them access!
The Government Imposter Fraud
Imposters may try to convince you that they represent trustworthy, well-known, and authoritative entities like the county sheriff, reputable charities, or even the IRS. These imposters might ask for money by claiming their organization is running low on funds or you’re behind on your taxes and are being audited. Sometimes this call is just a scammer trying to find out personal information so they can later use it against you!
Be Proactive When It Comes To Your Online Action
Notifications are a simple and effective way to stay on top of your credit card usage. I’ll be the first person to admit that I can’t stand notifications. This is why you must be judicial in how many notifications you set up on your phone. By signing up for notifications with your credit card and your financial institution, you can keep track of your spending, avoid fraud, and maintain a good credit score. Most importantly, notifications give you a little peace of mind that comes with knowing exactly what’s happening with your account at all times. If you’re not already signed up for credit card and banking notifications, make it a high priority on your to-do list.