Stolen Credit Card? Protect Yourself.

Credit cards can be your most convenient means of making payments. The explosive growth in credit card usage and the host of plans that are available in the market today are a testament to its popularity and comfort of use. The use of credit cards was for the elite class at one point in time, but today it has cut across all social strata with almost everyone using a credit card for the regular purchase. Not just adults working in regular jobs but even students in colleges and universities can now avail a credit card service. This obviously helps them develop the habit of using credit card for their regular purchases. Besides, starting early they can learn the good habit of paying the credit card bills on time and improve their credit history.

The convenience that credit cards provide also come with some risks. They can be easily stolen and misused. This is a major concern for anyone and everyone. The risk is heightened with students as they tend to be relatively more carefree at the young age. Hence along with good spending and bill payment habits they must also inculcate the habit of securing their cards.

The first point is to keep the card in a easily accessible yet safe place. Typically it is the wallet or the purse. The students must ensure that they always have their credit cards close to them, under their supervision. If they have to leave it somewhere then they must keep it in a secure place – like a locker. This precautionary habit must become second nature to them and it is best to start early.

Despite all your vigil, there are chances that you lose your card. Sometimes it may get misplaces when you are worked up or even get stolen in a crowded place. Regardless of how you lose it, you must immediately report the lost card to the credit card company. Let them know that you lost your card and would like to stop all payments with that card. This basically helps you limit the damage if someone else starts using your card.

However, blocking the payment is not your only tool for damage control in case of stolen card. Almost all credit card companies offer a liability cover which means that irrespective of the unauthorized amount spent with your card, you are liable to pay only a fixed amount. For adults this may be somewhere around $50, while for students they may even get a $0 liability – meaning they don’t pay anything for unauthorized expenditure.

Stolen credit card is not the sole source of unauthorized spending. Phishing is another source where you could end up giving your credit card numbers unknowingly to thieves online. A good protection against this is exercise caution while disclosing your information online. Always look for the https at the start of any website link before entering your credit card information. Fortunately many of the modern browsers have special address bar colors and indications for the secured site. Be well versed with these to make online transactions easier and safer.

Your credit card is linked to your credit history which is more important than the money that you spend with the card. Hence, a stolen credit card is not just monetary risk, but also tantamount to stolen identity. Identity thefts are very serious crimes that can affect the individual adversely. Hence, this is another important reason that your take good care of your credit cards.