Safety Tips for Credit Card Holders: Safe Usage of Credit Card

The growing usage of Credit Cards across the globe has also invited a gorwing misuse of them. Before just subscribing to multiple Credit Cards, the individual must also be aware that a credit card is not a liberty or priviledge, its a big liability. Even if you dont use the credit card, just because a credit card has been issued in your name means the liability of that credit card usage and misuse is onto you. What if you have a credit card, and you are not using it. But suppose you drop or loose the credit card and someone else misuses it, then it becomes your responsibility to repay back the money spent by the miscreant.

Though various credit card companies have different protection schemes, like no liability from the time you report a card loss to the credit card company, but ultimately the responsibility lies with you. Here are a few important Safety Tips for Credit Card Holders that each cardholder should be aware of:

Always guard and protect your card and card details
Most of the credit card thefts happen when the card holder ignorantly reveals his credit card (or its details). Make sure you protect your card by keeping it in a safe place when not in use.

Don’t let your card out of sight when making a payment
Another place where people may end up revealing their credit card details. Especially while shopping at retail outlets like Tesco, Asda or Sainsbury’s, where there are long queues of customers standing behind you. People may be able to see your card details and use them later on the internet. Hence be careful. Always check around if a camera is focused onto the payment counter. Chances are that there will be one. Cover your hand with another hand while typing your PIN no. for the credit card transaction

Never write down your PIN or disclose it to anyone, even if they claim to be from your bank, building society or the police.

Don’t use a PIN easily associated with you. For example, part of your telephone number or your year of birth
This is another funny mistake people do – keeping easy pin nos. Try something like the middle 4 digits of your bank account no. or postcode digits of your first school – But don’t tell it to anyone

Always check the details of your purchase before inserting your PIN, especially the amount displayed on the screen
Sometimes, retailers and restaurants may charge you for using your card. So check the money to be deducted from your card and that on the actual bill.

Never leave your cards unattended in a bag, briefcase or jacket pocket in a public place and keep your bag or briefcase on your lap
This is another common mistake, especially while traveling. Avoid keeping your card out of sight
Check your receipts against your statements carefully and report any unfamiliar transactions to your bank or card company immediately
This will ensure that if there has been a misuse with one or two transactions, then further misuse can be traced out as early as possible

When you want to dispose the credit card, shred or rip up all your receipts that contain information relating to your financial affairs
Before you dispose off your old credit card, make sure it is expire, with respect to the expiry date mentioned on the credit card. If the expiry date is far away and still you want to dispose off your card, make sure you call your bank, ask them to block the card and then ask them for a written confirmation that the card has been blocked. Only after that dispose off your card.

Cut expired cards through the magnetic stripe or chip when replacement cards arrive
While swiping your card, it is the magnetic strip that authenticates your credit card, as all the data is stored in the magnetic strip. Make sure you damage the strip as soon as possible.

Sign new cards as soon as they arrive
This will ensure that if you loose your card, the person receiving it cannot use it at any retail store because the payment desk will match the signature on the card with that of the person signing the payment slip.