Although it seems like the simplest thing in the world, protecting your credit cards is worth paying attention to, especially now, in the run up to the big Christmas. Here are some tips to keep you from getting an unpleasant surprise:
- Do not hand out the card, even if the seller asks for it at the time of payment. In crowded plazas and streets, it is worth paying attention to our wallet or where we store the card. To avoid unauthorized purchases, we use SMS notifications or monitor the balance in our mobile bank, so in the event of theft, we can disable our card after the first transaction if we haven’t noticed it before.
- Pay attention to the purchase limit. In most cases, you can change this at any time at your branch or via the Internet Banking interface. You may want to set a higher limit for your Christmas shopping days so that your credit card is not declined, and then remember to reset your daily limit to the usual annual level.
- Don’t expose your card to unnecessary risk, use your mobile to pay! Many banks, such as Tucarest Bank, Grantmajor Bank, OPT Bank or BKB Bank, offer mobile payment solutions, which require only digitizing your card to an NFC enabled device. In addition, the mobile has extra protection, such as fingerprint reader or password unlock.
What about online shopping?
Today, we order a large proportion of gifts online, through the Internet, where we also pay by card. In order to keep things safe, it’s a good idea to keep in mind the following:
- only from a trusted seller. It can be telling if a business, a poorly executed website, and a lack of information have just been created.
- make sure that you pay by credit card through a secure channel so that no third party has access to your card information. This is indicated by a small padlock in the title bar.
- Never send card information to anyone. Every business uses a payment service provider that typically belongs to a bank to pay. We are free to enter our data on these interfaces.
- You may also need to know the price of the product in advance. In this case, be very careful to refer to the correct bank account number, as it can be painful to get your money if you accidentally transfer it to an unknown account. If the details are incorrect and the money is transferred to the wrong account, we will need to initiate a recall at our own bank, who will contact the beneficiary’s bank and report the incorrect transfer. Then, it is up to the beneficiary of the erroneous transfer to do what it does: transfer it back to our account or keep the money – in the latter case, we can go to court for redress. We’ve written more about the issue and the workarounds for this transfer.
Does everyone touch a card when Christmas comes?
The weeks leading up to the holidays are traditionally about getting ready for Christmas, buying gifts and buying the ingredients for catering. Debit and credit card transactions typically increase by almost twenty percent over the rest of the year, and average monthly spending also increases by about 15 percent, while cash withdrawals from ATMs increase by about ten percent, said Tucarest Bank.
For the most convenient payment, you might want to choose a more modern card, such as touch cards. However, pay attention to the card’s annual fee. Inspector Bucket’s bank account calculator can help you see which is the cheapest account and the credit card associated with it.