Losing your credit card to a thief is the least you’d expect to happen to you in the physical world. Although many of you are quite sure this is far from happening, you still need to take precautions and know what to do in case someone steals your credit card. Keep in mind that hackers are lurking around finding any opportunity to steal card numbers and even a person’s identity online.
So what should you do then just in case this situation happens to you on the internet or in the real world? Here are some steps to follow and make sure you do them immediately right after learning about the loss of your card.
Contact your credit card company right away and request to change your PIN. Create a unique PIN and do away with the usual birth dates or easy to remember number combinations. When you do this, there’s very little chance the thief will figure out your password.
Your other option is to cancel your card and request for a new one. This way, the thief won’t be able to use it for any transaction.
Make it a habit to regularly keep track of your monthly statements. Better yet, sign up for an online account to make it easy for you to check your records from time to time. Some banks also offer free apps to allow clients to view their accounts on their smartphones.
You may also register for a credit monitoring service but choose one connected to your credit card company. This kind of service offers text alerts when they find something wrong with your account and they may offer to freeze your account as well to prevent frauds.
Again, taking immediate action is vital. Don’t delay or the thief will get the chance to use your card for transactions that involve a huge sum of money.
Credit cards are very useful especially during emergencies when cash is not readily available. They have several benefits, one of which is letting people pay for their transactions without having to bring a lot of cash.
When cash is the immediate need, on the other hand, it is also able to provide such to card holders through its cash advance and easy finance loans. But although these options are readily available, users also need to be responsible in paying them back on time to avoid additional charges.
Owning a credit card may be beneficial but it carries great financial responsibility. So keep your card in a safe place all the time, never reveal your personal details online and pay your dues on time.
Photo via learnthat.com
Originally posted on November 5, 2012 @ 9:11 pm