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

Understanding Your Cibil Credit Information Report

   WE ARE all familiar with the anxiety and uncertainty that we feel when applying for a loan. After all, it's the lender who decides whether we can own our dream home, our first car, or whether our children can pursue higher education. In a nutshell, a better life depends on the lender's decisions.    While other factors do play a part in the lender's decision, the Cibil Credit Information Report ( CIR ) plays a crucial role in a lender's decision to approve a loan application.    Previously, lenders would treat all loan seekers equally. Each applicant, if approved by the lender's internal credit policy, would be charged at the same interest rate for a particular loan size and purpose. The lenders would charge a higher interest rate to all the borrowers, in order to compensate for the possible default of a small portion of the loan disbursed. In other words, it's like a professor (the lender) punishing an entire class (borrowers) for the mischief played b...
Read more

What are the factors affect the changes in Interest Rate of Fixed Deposits?

  What are the factors affect the changes in rate of Fixed Deposits? Fixed Deposits are now considered to be a very old fashioned method of saving, but still attract many investors since they have guaranteed returns at the end of the tenure of the investment at a decent interest rate. There are various factors that affect the rates of interest for a Fixed Deposit. Policies of the Reserve Bank of India   - The several norms and restrictions posed by the Reserve Bank of India , in order to gain optimum control over credit and inflow and outflow of fund throughout the country. The repo rate changes, cash reserve ration tends to change and these changes affect the banking products like Fixed Deposits, loans etc. Recession   - When unemployment in a country crosses the benchmark set Recession hits, and slowly the country faces an economic slow movement, affecting the purchasing power of the people in the country, forcing the Reserve Bank of India to release more funds in the financial marke...
Read more

Capital Protection Oriented 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   Capital Protection Oriented Funds   Erosion of capital is one of the key concerns for investors wanting to invest in equity mutual funds. To address this concern, asset management companies have launched Capital Protection Oriented Funds (CPOFs). What are CPOFs? CPOFs are generally three to five-year, closed-ended funds where 70-80% of the portfolio is invested in fixed income securities, which mature on or before the scheme's tenure. The investment in fixed income securities grows to 100% at the end of the tenure, providing the investor with capital protection. The remaining portion (20-30%) is used to take exposure to equity, which provides the upside. Exposure to equities is either by directly buying equity stocks (plain vanilla CPOFs) or by b...
Read more

Mutual Fund Review: ING Dividend Yield

  ING Dividend Yield's small assets enable the fund manager to churn in impressive returns… Strategy The aim of the fund is to invest in stocks which offer a high dividend yield. This fund deploys a value based strategy which aims to gain from investing in fundamentally strong and free cash flow generating businesses. The scheme focuses not only on growth but also on the cash generated by the business, which mostly leads to stable returns even in volatile markets. This fund has a low volatility because of its investment in high yielding stocks. The scheme tries to include stocks that yield dividend above the dividend yield of the Nifty and stocks with liquidity, which throws up a universe of 150 stocks.   Our View Launched in October 2005, this fund invests at least 65 per cent of its assets in high dividend yield stocks. The fund has consistently maintained a mix of stocks across varying market capitalisation, with a higher tilt to mid caps compared to small caps. Howev...
Read more

SBI Small Cap Fund

SBI Small Cap Fund scheme seeks to provide investors with opportunities for long-term growth in capital along with the liquidity of an open-ended scheme by investing predominantly in a well diversified basket of equity stocks of small cap companies. SBI Small Cap Fund has widened its margin of outperformance relative to its category and benchmark in the last one year, earning itself a five-star rating. The fund shows a hefty 18 percentage-point outperformance relative to its peers in the last one year, 5 percentage points over three years and 4 percentage points over five years. Needless to say, it has also outpaced its benchmark to deliver convincing five-year annualised returns of 37 per cent. A believer in the credo that a small market cap does not reflect business quality, the fund looks for five attributes in the stocks it buys: competitive advantage, return on capital, growth, management and valuation. SBI Small Cap Fund is among the few in this space to remain at quite a man...
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