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9 Tips For Protecting A Credit Card
Most borrowers are acutely aware of the need to protect their credit rating or score through the judicious use of credit. Borrowing what they can afford to pay, and ensuring that repayments are made on time.
Many consumers however fail to realize the importance of protecting the credit card itself. Here are nine tips for ensuring your credit card number does not fall into the wrong hands.
(1) Never hand over your card information over the phone, without first clarifying why you need to do so.
Card holders should always know exactly whom they are talking to and who is asking for the card information before giving out any details. If the call is unsolicited, never give any credit card information out as a rule.
(2) If the website is unsecured, it is unsafe to use a credit card.
Despite the convenience of shopping online, it is not completely 100 per cent safe. Consumers should be careful to check whether the website is secure and that it explicitly says transactions are safe. There is of course very little you can do if the website is not secure but says that it is. The easiest way to deal with that is to stick to making purchases from big reputable companies.
(3) Avoid placing credit card information in conspicuous places, like the back of an envelope or on a postcard.
That is fairly self explanatory advice, but it is surprising the number of people that don’t take basic precautions to protect their credit card information. If credit card information is required from a vendor, then the consumer should ensure that information is placed inside the envelope and the details are not discernable from the outside.
(4) Do not share personal or confidential information on social networking sites.
Social networks such as Facebook or Twitter have proliferated over the last five years and have become extremely popular. Many people like sharing information about themselves, but consumers should be careful about how much information and what kind of information they share, otherwise they become vulnerable to identity theft.
(5) Never Sign Blank Charge Slips
That is a recipe for disaster and leaves the consumer open to abuse. Card holders should always know exactly how much they are being charged for and should always verify the amount with a receipt.
(6) Check Monthly Statements Regularly
Borrowers should always look closely at their monthly statements and verify each charge made. If something is not right, then obviously that can be queried with the card issuer immediately.
(7) Destroy or cut up old cards through the account number.
When a card issuer provides a new card or the borrower closes an account. The card no longer required should be cut through the account number so it can no longer be identified.
(8) Always ensure credit card numbers and PIN are protected when using ATM’s or over the telephone.
One can never be to careful about the people that are around when personal data needs to be handed over. So consumers should ensure to be careful when using their cards over the phone or at the ATM.
(9) Try and minimize the number of credit cards that are carried.
This is basically to mitigate any potential misuse if the consumer loses their wallet. The less cards that are actually carried the less risk of misuse there is, and also ensures that the consumers has other cards available should there be a loss of the primary cards. If there is a loss, it is the consumers’ responsibility to report the loss.
Though most credit card companies and banks offer unauthorized protection, you are ultimately responsible for how your credit card is used. Your credit rating is important, so protect your credit the way you would protect a wallet full of cash.
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