The ease in getting a credit card these days, as well as the greater ease in swiping it to purchase goods and services in lieu of hard cash, inevitably results to various problems. Here are some important tips or must-do’s when handling or using credit cards [see also Credit Card Dont’s; please feel free to add other credit card DON’Ts through the comment section below].
* Read and understand the credit card’s “Terms and Conditions” before you use your credit card.
* Sign your credit card as soon as you get it, using permanent ink.
* Keep your card number /ATM PIN/ Cash Advance PIN confidential. Only you should know these numbers.
* Keep you cards in a safe place after use, just like you keep your cash.
* Keep a list of your credit card numbers and the card company’s hotline numbers in case of disputes, questions or to report a lost or stolen card.
* Ensure the transaction on your credit card is done in your presence.
* Check card when returned by the cashier to ensure it is yours and that it has not been tampered with in any way.
* Check all details on the sales slip before signing/confirming the transaction.
* Always retain receipts and check them against your billing statement. Report any discrepancies immediately to the card issuer.
* Pay your bills on time as much as possible in full, to avoid penalties and finance charges.
* Make sure your payment arrives on time. If you are paying by check or through a payment center, find out if there’s a lead time before payment is posted to your credit card. If there is, pay in advance.
* Pay off your highest interest-rate cards first, if you owe money on more than one credit card.
* Before discarding old statements, even of closed accounts, shred them into small pieces.
* Notify your issuing bank of any changes in your contact details and addresses.
* Should your card be stolen or is lost, inform card issuer immediately to avoid paying fraudulent transactions.
* To ensure that you are not logged on to a spoofed website, check that the URL address starts with “https”. Moreover, there should be a padlck icon located at teh lower right portion of the webpage to indicate that it is a secured website.
Source: Bangko Sentral ng Pilipinas (BSP).