Credit Card Safety

Responsible use of your credit card goes hand in hand with safe use of your card. Practice good fundamentals of credit card use and you minimize your exposure to identity theft, unauthorized spending, and other annoyances that accompany the loss or theft of a card. Here are a few basics to get you started. Sign your card on the signature panel as soon as you receive it. Protect your cards as if they were cash. In some ways they are more powerful than cash, so don’t leave them lying around, and keep them well organized in your purse or wallet. It’s a good practice to treat them with respect. Be sure that you get your card back after every purchase, and return it to place where you customarily keep it. Don’t shove it into a pocket or drop it in the bag with your purchase. If you aren’t normally careful with things you may have to try harder to develop these responsible habits. You’ll be glad you did, and it may spill over to other parts of your life, like keeping track of your cell phone. Report lost or stolen cards immediately to the company that issued you the card Don’t leave your credit cards in your car’s glove compartment or any other place that they are vulnerable, like a desk drawer at work. A high percentage of credit cards thefts are from car glove compartments or other places that seem safe. Never write down your personal identification number or PIN. Memorize it. Never tell anyone your PIN. No one from a financial institution, the police, or a merchant should ask for your PIN. You are the only person who needs to know it. When selecting a PIN, avoid picking a number that is easy for others to guess – for example, your name, telephone number, date of birth, or any simple combination of these. Don’t volunteer any personal information when you use your credit card, other than by displaying personal identification as requested by a merchant. Always makes sure that sales vouchers are for the correct purchase amount before you sign them. You’d be surprised at how many discrepancies there are between the amounts marked on the item and the amount the computer prints on your receipt. Always keep copies of your sales vouchers and credit card receipts, and Automated Teller Machine (ATM) receipts. Always check your billing statement to make sure the purchase amounts are correct. Immediately dispute any charges that you did not make by notifying your credit card provider. Always put disputes regarding your billing statements in writing immediately upon becoming aware of the disputed item; otherwise, you may be held legally responsible for the entire amount of the disputed item. Many credit card issuers have specific instructions for notifying them of a billing error dispute. Read your credit card agreement and billing statements carefully for information regarding dispute notification requirements. If you can’t make yourself wade through your agreement or discarded it, contact your credit card issuer by phone to ask about their dispute notification requirements.