Credit Cards

Credit Cards

A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services, based on the cardholder’s promise to the card issuer to pay them for the amounts so paid plus other agreed charges. The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.

Tips for credit card safety

The following are a few steps to ensure you do not fall prey to tricksters:

Strictly do not share Card Information:

It is important to be extremely cautious while giving out your credit card number or any other confidential data over the phone. A bank or financial institution never initiates calls asking for such information. Provide your credit card details only if absolutely necessary on calls that you have initiated to bank authorities or the helpline number given on the back of your card.

Be cautious before using credit cards on the Internet

As the number of online shoppers are increasing rapidly, scammers have moved online to trap cardholders. Avoid clicking on random links that require your credit card information. Always keep in mind that credit card companies and financial institutions never ask for such details online. In addition, ensure that you check the web address while logging in to your bank or credit card account: the page should start with ‘https’ and not ‘http’.

Credit Card should be kept safely

Store your credit cards in your wallet or purse, which ensures that it remains close to you, and cannot be snatched away easily. It is also safer to carry only a few credit cards rather than multiple ones while shopping. After paying for the purchase, make sure you put the card back immediately.

Always be alert

Do not ignore your detailed credit card bill every month. Check for any inconsistencies, inexplicable charges or transactions, and report the same to your credit card company. In case of theft or fraud, report the event immediately in order to avoid paying for the transactions made on the card.

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