Skip to main content

Ensure safety of credit card

Keeping a note of card details and helpline numbers helps You must also erase the last three digits, the CVV number, on the back of your card

YOUR credit card is your cash on the go, but if not handled carefully, it can lead to complications in the future.

Losing a credit or debit card is a common thing that can happen to any one of us at some point of time. But, it is important to react immediately when you notice your card is missing.

Always keep a list of your credit cards, credit card numbers and customer care toll-free numbers handy, in case your card is stolen or lost.
Inform your credit card company/bank immediately: You should store the 24hour helpline number of the lender on your phone.
In case you haven't done that and lost your card, look up the number from sources such as a website or number search companies.

Credit card companies advise customers to report loss of card within 24 hours, but it is better to inform the lender promptly because the bank can then block your card and safeguard you from any fraudulent transactions.

In case your card is used after informing the bank, the liability of any misuse will lie with the bank. However, if the credit card is used before informing the bank, it will be considered as a transaction made by you.

Most banks send new cards within seven days from date of reporting.
Precautions: You should make a note of your card details such as card number, expiry date in a place other than the wallet where the card was kept. Bank officials will need these details to deactivate your card. If you don't have the number handy, ask the executive to help you by giving other relevant details such as full name and address.

A lot of people waste precious time in figuring out whether they have lost their card or forgotten it somewhere at home or office. To be safe, one should inform the bank as it immediately puts a freeze on all future transactions.

You must also erase the last three digits, the CVV number on the back of your card. The CVV number is required for all online and IVR transactions. You should not reveal your CVV number to anyone.

A lot of credit card companies offer insurance against loss of card, so do check with your bank and the customer care officials handling your call if you are insured or not. Even if you have an insurance against loss of a credit card, still informing your bank should be a priority because there are lots of exclusions in an insurance cover. You must not relax and depend on insurance cover to protect you from any card misuse.

Make sure you get your card back after you make a purchase (one good habit to inculcate is to leave your wallet open in your hand until you have the card back), suggest banks.

One must follow the same process for loss of debit cards as well.
 

Popular posts from this blog

Save Tax With Mutual Funds

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300       Mutual funds are ideal as long term investment avenues for retail investors. To encourage investments in this avenue, the Government of India offers investors a spate of tax benefits thus ensuring maximum benefit from mutual funds held beyond a year. Sample some of the key benefits and refer to the table for a detailed list of tax rates for different types of schemes ·        Avail deductions under Sec 80C of the Income Tax Act by investing up to a maximum of Rs. 1 lakh in designated Equity Linked Savings Schemes (ELSS). Such investments have a compulsory lock in period of 3 years. ·        First time retail investors in equity with a gross total income of up to Rs. 12 lakh can invest up to Rs. 50,000 in specific MF schemes un...
Read more

How much to invest in gold ?

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India) Let your motivation dictate the share of the yellow metal in your portfolio Enough has been said and written about gold as an investment option. The latest argument is that the craze for gold among Indian households is endangering our country's balance of payments. The policymakers are busy trying to find ways of discouraging investment in gold, but if households keep the common good in mind, they would be paying the market price for gas cylinders as they do for, say, their mobile phone bills. After all, private decisions are driven by private motives. So, how should a household look at gold from its own perspective? Gold is primarily acquired for its merit as a store of value. Even if the worst crisis hits a family, the gold that it holds could be put to use anywhere in th...
Read more

LIC's JEEVAN SHIKHAR

  LIC's Jeevan Shikhar is a participating, non-linked, saving cum protection single premium plan wherein the risk cover is ten times of Tabular Single Premium. The proposer will have an option to choose the Maturity Sum Assured. The premium payable shall depend on the chosen amount of Maturity Sum Assured and age at entry of the life assured. This plan also takes care of liquidity need through its loan facility. The plan will be open for sale for a maximum period of 120 days from the date of launch. 1.   BENEFITS   : a) Death Benefit: On death during first five policy years: Before the date of commencement of risk   :   Refund of Single Premium without interest. Single Premium mentioned above shall not include any extra amount if charged under the policy due to underwriting decision and taxes. After the date of commencement of risk   : "Sum Assured on Death" equal to 10 times the tabular single premium shall be payable. On death after completion of five policy years but b...
Read more

Investment Strategy - What is Sector Rotation Theory?

Buy Gold Mutual Funds Invest Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Call 0 94 8300 8300 (India)   The economy goes through cycles : it expands for a few years and then contracts. Study of historical data suggests that different sectors tend to perform well on the stock markets during different stages of the economic cycle. While history never repeats itself exactly, some broad patterns tend to recur. Investors can take advantage of the sector rotation theory to move their money from those sectors that have seen their best times to those that are likely to do well in future.   The person who developed the sector rotation theory is Sam Stovall, chief investment strategist at Standard & Poor's. He developed this theory by studying data on economic cycles going as far back as 1854 provided by the National Bureau of Economic Research ( NBER ) of the US.   When trying to correlate stock-market perfor...
Read more

Rajiv Gandhi Equity Savings Scheme (RGESS) set for launch this week

The finance ministry is set to notify the Rajiv Gandhi Equity Savings Scheme ( RGESS ) this week.   Though Finance Minister PChidambaram had approved on September 21, the scheme announced in this year's Budget, and had said that the revenue department will notify the scheme and the Securities and Exchange Board of India ( Sebi ) would issue relevant circulars within two weeks, it is yet to become operational.   A senior finance ministry official said the revenue department was expected to notify the scheme any day now to attract retail investors to the equity segment.   He added that Sebi was not required to issue any circular for the operationalisation of the scheme and that after the issuance of the revenue department's notification, investors would be able to avail of the benefits of the scheme.   The official accepted that implementation of the scheme had been delayed due to the deliberations on inclusion of mutual funds ( MF ) in it.   ...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now