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

Mutual Fund Review: Taurus Tax Shield

    Taurus Tax Shield has seen a turnaround in performance since 2007, but still remains a volatile offering… The fund has seen a turnaround in its performance since 2007 and has delivered impressively during market rallies since then. The portfolio is also more diversified. It contained its downfall to an average level in 2008 but is still one of the most volatile offerings in this category. Bold investors can look at this fund.   Strategy The fund manager invests across the market capitalisation and sectors. The selection of stocks is made on the basis of long-term business prospects and value creation. Fund Insight Launched in March 1996, the fund was a laggard with just two annual outperformances. Concentrated stock bets and high exposure to mid and small caps led to it being hit harder during market downturns. The number of stocks in the portfolio never exceeded 20 and it was not rare to see the top 5 holdings account for around 60 per cent of the portfolio. After b...
Read more

Use Mutual Fund SWPs for getting fixed payments

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)   Investors time withdrawals optimally to save on tax The systematic withdrawal plan, or SWP, could be called the lesser known cousin of the much talked about and publicised systematic investment plan (SIP). There's yet another cousin — the Systematic Transfer Plan ( STP ). In SIP, you invest a fixed sum of money at regular intervals (monthly/ quarterly) to buy some units of a mutual fund scheme. In SWP, as the name suggests, you do the opposite: You redeem some mutual fund units from your portfolio to get a fixed sum of money at regular intervals (monthly/quarterly/half year/yearly). In SIP, you get a higher numbers of units when the markets are down, and lesser in a buoyant market. In SWP, going by the product logic, you redeem higher number of units when the markets are do...
Read more

AXIS Long Term Equity Fund - The Best Tax Saver Fund for 2016

  AXIS Long Term Equity Fund - Invest Online   History:   The open ended mutual fund was launched on December 21 in the year 2009. It is benchmarked against BSE 200 and managed by the fund manager JINESH GOPANI. Initially the scheme was called as Axis tax saver fund but later it was renamed as Axis long term equity fund with effect from September 2, 2011. Nature of investment: As far as asset allocation is concerned, 97.52% of the stocks are equity and 0.02% is debt based. The primary focus of the fund is to invest in diversified equity stocks that have higher growth potential. Total asset size of the fund is in the tune of 4,996 CRORE as of June 30, 2015. Performance: The performance of the fund for one year, 3 years and 5 years are 23.6%, 29.9% and 19.1 respectively which are far greater than 6.4%, 14% and 5.6% benchmark figures. It has also preformed fairly well against SBI magnum Tax Gain (G) and HDFC tax saver (G). The growth comparison is enumerated below;                        ...
Read more

IDFC Classic Equity Fund

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)   IDFC Classic Equity Fund IDFC Classic Equity is a large-cap equity fund which currently has assets under management worth Rs. 158.52 crore. It was launched in August 2005. The fund is benchmarked against the BSE-200 Index. Performance YTD 1-Year 3-Year 5-Year Since Inception IDFC Classic Equity 0.93 26.61 6.30 1.01 11.65 BSE 200 1.52 17.31 6.00 1.99 12.98 All figures in % as on January 31, 2013; Returns above one-year in CAGR terms ...
Read more

Health insurance guide - Part I

Insurance, by definition, is morbid. What if I die suddenly? What if my home caught fire? What if I had to undergo expensive medical treatment? What if something that I thought happened only to others befell me? Insurers, who work with large samples, calculate the probability of such an event and, hence, the possibility of them having to pay out a sum of money to mitigate, to the extent possible, the effects of that disaster. However, the possibility of you undergoing some kind of expensive medical treatment during your lifetime is far more likely than you dying suddenly or your house burning down. Given that costs at private healthcare facilities, where you are most likely to land up, is high, and, doubling every four years 10 months or so, the rest of your money life could easily go out of whack if you had to incur such expenses. Just 12 per cent of India's population is covered with some sort of health insurance. Pared to the bone, for a comparatively small price, health insu...
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