Ways To Protect Your Credit Card
Most consumers know that they need to protect their credit ranking, but they do not realize the importance of protecting the credit card. Buyers must ensure that their credit card do not fall into the hands of fraud as they could use it for their own personal gains.
To ensure that your credit card remains safe, here are a few ways you can protect your credit card:
1. Monitoring : Regularly monitoring your credit score and transaction records is the most effective way to prevent fraud and protect your credit card. You should check your credit statements monthly and review your credit records annually. You can also purchase credit-monitoring services from the designated bureaus that will alert you if there is even a slight change to your credit history.
2. Online Precautions : Protect your identity online by always being suspicious of communications that requests credit card information, passwords, account numbers and social security numbers. A credible financial institution will never ask you to send this information over email. There are several other online precautions that you can take to protect your credit card. Install a personal firewall and keep your operating system and anti-virus software up-to-date. Always use strong passwords and change them at timely intervals. Never give your credit card number to any site without SSL protection.
3. Alerts : Many credit card companies offer fraud alerts free of charge. You can take the advantage of the alert program offered by the credit card company to protect your credit card. Once you’ve signed up for email or SMS alerts, your financial institution will contact you in case of a suspicious activity from your account.
4. Offline Precautions : Though internet scams are more common, credit card fraud is a risk in the real world as well. Consider signing up for automatic bill pay online and shred the paper containing major documents before disposing it. Be aware of your surroundings when giving a credit card number while talking on the phone. Take as much caution as you can, while dealing with your credit card number and other important information related to it.
5. Choose a Card with Fraud Protection : Select a credit card that offers fraud protection without asking for an extra fee. Also look for a program that offers other credit card services such as paperless statements, automatic alerts, and fraud specialists on staff. If you learn your identity is used fraudulently, place a fraud alert on your name and identity by contacting the national credit-reporting organizations. The sooner you report the incident the better chance you have of reducing damage to your credit score and protect your credit card, in general.
Conclusion : Protect your credit card by using an EMV card to shop at retailers with EMV terminals. Avoid accessing your accounts on unsecured Wi-Fi networks and keep track of your purchases to check them against your statement for fraudulent charges. Remember these tips and you’re good-to-go with your credit card lying safely in your wallet!