Other Credit Card Advantages
The Fair Credit Billing Act allows credit card users to dispute unauthorized purchases or purchases of goods that are damaged or lost during shipping. If the item was bought with a debit card, the charge cannot be reversed unless the merchant is willing to do so. Whats more, debit card theft victims do not get their refund until an investigation has been completed.
The credit card holder, on the other hand, is not responsible for the disputed charges the amount is usually deducted immediately and restored only if the dispute is withdrawn or settled in the merchants favor. Though some credit and debit card providers offer zero liability protection to their customers, the law is much more forgiving for credit card holders.
If you need to rent a car, many credit cards provide some sort of waiver for collisions. Even if you want to use a debit card, many car rental agencies require customers to provide credit card information as a backup. The only way out for a customer may be allowing the rental agency to put a hold of perhaps a few hundred dollars on a bank account debit card as a form of surety deposit.
Signing The Card Clearly
A Good Way To Keep Tabs On Your Account
Eric is a duly licensed Independent Insurance Broker licensed in Life, Health, Property, and Casualty insurance. He has worked more than 13 years in both public and private accounting jobs and more than four years licensed as an insurance producer. His background in tax accounting has served as a solid base supporting his current book of business.
Card card issuers are increasingly using technology to make it easier for cardholders to manage their credit card accounts. If youve lost your , it hasn’t come in the mail yet, or you just prefer a digital copy, you should be able to pull up your most recent billing statement online with a few easy clicks. Nearly all banks and credit card issuers offer online account access.
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Checking Credit Card Application Status Offline
Consider when you do not have access to internet, you can still check your credit card application status offline. You can either call the 24X7 or walk into the nearest branch with your e-reference number, application form number and date of birth. The executives of the bank will help you track the credit card application status immediately.
Make The Most Of A Thin Credit File
Having a thin credit file means you dont have enough credit history on your report to generate a credit score. An estimated 62 million Americans have this problem. Fortunately, there are ways you can fatten up a thin credit file and earn a good credit score.
One is Experian Boost. This relatively new program collects financial data that isn’t normally in your credit report, such as your banking history and utility payments, and includes that in calculating your Experian FICO credit score. Its free to use and designed for people with no or limited credit who have a positive history of paying their other bills on time.
UltraFICO is similar. This free program uses your banking history to help build a FICO score. Things that can help include having a savings cushion, maintaining a bank account over time, paying your bills through your bank account on time, and avoiding overdrafts.
A third option applies to renters. If you pay rent monthly, there are several services that allow you to get credit for those on-time payments. Rental Kharma and RentTrack, for example, will report your rent payments to the credit bureaus on your behalf, which in turn could help your score. Note that reporting rent payments may only affect your VantageScore credit scores, not your FICO score. Some rent reporting companies charge a fee for this service, so read the details to know what youre getting and possibly purchasing.
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Enter Your Shipping Address
The shipping address allows the merchant to calculate your shipping price and update your purchase total. Make sure you enter the address to where you want the order shipped, even if its different from the billing address where you receive your credit card statements. You will also usually be given options and pricing for various shipping types.
What To Do If Youre A Victim Of Credit Card Fraud
Contact your financial institution immediately if your credit card is lost or stolen. Contact it if you find payments on your credit card statement that you didnt make or approve.
If you think youre a victim of credit card fraud:
- write down what happened and how you first noticed the fraud
- contact your credit card issuer to tell them about the fraud
- take notes of who you talked to and when you spoke to them
- keep all documents that you think might be helpful when the police investigate the fraud
- contact your local police service to file a complaint
- contact other accounts that could be tampered with by the person
Keep An Eye On Your Balance
After your payment history, the second most important factor that affects your credit score is your . It measures how much of your available credit you’re using at any given time. Generally, it’s better to keep your card balance low relative to your credit limit. Maxing out your credit cards can cause your credit score to drop and also send a signal to lenders that you may be a higher-risk borrower.
What Is The Total Minimum Payment Due
It is the minimum amount that you are required to pay by the total minimum payment due date in relation to an account statement to maintain your account in good standing. Each statement period that your account has a balance you will be required to pay the total minimum payment due. Please refer to your Account Agreement and account statement for details.
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What Goes Into A Credit Score
Each company has its own way to calculate your credit score. They look at:
- how many loans and credit cards you have
- how much money you owe
- how long you have had credit
- how much new credit you have
They look at the information in your credit report and give it a number. That is your credit score.
It is very important to know what is in your credit report. If your report is good, your score will be good. You can decide if it is worth paying money to see what number someone gives your credit history.
The report will tell you how to improve your credit history. Only you can improve your credit history. It will take time. But if any of the information in your report is wrong, you can ask to have it fixed.
You Could Erase Your Rewards
When you cancel a rewards card or cashback credit card, you also cancel your rewards. Under no circumstance is a credit card issuer obligated to remind you of this. Whats worse once your card is cancelled, you wont be able to restore what you lost. This can be especially tricky for cards that allow you to redeem points or cashback once a year, as you can easily forget what youve earned before you cancel.
Track Your Credit Card Application Status Offline
While many people do prefer tracking their credit card application status online, there are ways to do it offline as well.
The easiest way to track your card application status is to call the banks customer service centre. If you have registered with the banks SMS banking service, you can send them an SMS as well.
Before you make that call to customer care or visit the bank, do keep the following handy:
- Your application number or reference number that was provided at the time of application.
- Your mobile number as mentioned in your application.
- PAN card details.
Protection For Unauthorized Purchases
Use your Visa card to make purchases anywhere and you’re protected from unauthorized use of your card or account information. With the Visa Zero Liability policy1, your liability for unauthorized transactions2 is $0-you pay nothing.
1 Visa’s Zero Liability Policy covers Canada-issued cards and does not apply to anonymous Visa Prepaid*, Visa Purchasing, Visa Corporate, Visa Commercial, or any transactions not processed by Visa. Visa Cardholders must notify their financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please refer to your issuer cardholder documentation.
*A Visa Prepaid Card will be considered anonymous if the cardholder’s identity has not been validated by the issuing financial institution .
2 Financial institutions may exclude from the Zero Liability policy a transaction made by a person authorized to transact business on the account and/or a transaction made by a cardholder that exceeds the authority given by the account owner.
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Spending Can Lead To Debt
When you make purchases with a credit card, youre spending the banks money, not your own. This money has to be repaid, with interest. At the very least youre required to make the minimum payment due each month. Racking up high balances on multiple cards could make it difficult to keep up with monthly payments and strain your budget.
Getting Started With Visa Reloadable Prepaid Card
Visa Prepaid cards are easy to use and reloadable, which means you can add funds onto the card at any time!
These Cards are great for every day spending such as coffees, groceries and online shopping. They are also ideal to give to younger children as an allowance card or for school field trips.
With Visa Reloadable Prepaid cards, you are protected under Visa’s Zero Liability policy 1 and the cards are secure and convenient.
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What Is A Credit Card
A credit card is a card issued by a financial institution, typically a bank, and it enables the cardholder to borrow funds from that institution. Cardholders agree to pay the money back with interest, according to the institutions terms. Credit cards are issued in the following variety of categories:
- Standard cards simply extend a line of credit to their users for making purchases, balance transfers, and/or cash advances and often have no annual fee.
- Premium cards offer perks such as concierge services, airport lounge access, special event access, and more, but they usually have higher annual fees.
- Rewards cards offer cash back, travel points, or other benefits to customers based on how they spend.
- Balance transfer cards have low introductory interest rates and fees on balance transfers from another credit card.
- Secured credit cards require an initial cash deposit that is held by the issuer as collateral.
- Charge cards have no preset spending limit but often dont allow unpaid balances to carry over from month to month.
When choosing rewards cards, pay attention to whether rewards can expire and what options you have for redeeming them.
Tips For Secure Card Usage
Ensure the safety of your Credit Card, PIN number, Card expiry date, CVV by all means. Also, Please do not share your One Time Password with anyone. Always get your current contact number updated to ensure receipt of transaction alerts. Whenever you travel abroad, please stay informed about the benefits you can avail in case of card loss or theft, such Card Insurance plans& Emergency Card replacement services.
Be vigilant and check your credit card statements/transaction alert SMS carefully for any suspicious transaction. If you ever notice any unsolicited transaction, immediately report the same.
Avail from institutions that follow national & international standards for secure transactions
Do not hand-over your credit card to people, whom you do not know. When you shop, make sure that the card is not out of your sight and you have collected your card at the end of the transaction. Also, before signing the charge slip, check the amount printed on it.
Keep your Credit Card, CVV and helpline numbers saved with you separately and in case of card loss or theft, immediately inform your card issuer and get the card blocked.
Always log in into your credit card account from a secure computer that is malware free. Make a strong password for the online account of your credit card and do not share your password with anyone.
Click here for a detailed account on dos and donts related to the safety of your credit cards.
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What Is A Debit Card
A debit card is a payment card that makes payments by deducting money directly from a consumers checking account, rather than on loan from a bank. Debit cards offer the convenience of credit cards and many of the same consumer protections when issued by major payment processors such as Visa or Mastercard.
There are two types of debit cards that do not require the customer to have a checking or savings account, as well as one standard type.
- Standard debit cards draw on your bank account.
- Electronic benefits transfer cards are issued by state and federal agencies to allow qualifying users to use their benefits to make purchases.
- Prepaid debit cards give people without access to a bank account a way to make electronic purchases up to the amount that was preloaded onto the card.
Frugal consumers may prefer to use debit cards, because there are usually few or no associated fees unless users spend more than they have in their account and incur an overdraft fee. By contrast, credit cards generally charge annual fees, over-limit fees, late payment fees, and a plethora of other penalties, in addition to monthly interest on the cards outstanding balance.
Checking Credit Card Status Through Air Way Bill Number
After completing your credit card application, it will be processed by the bank. Once the card is approved, the applicant will receive a letter with the Air Way bill number of the shipment carrying the credit card. You can track your credit card status by using the Air Way bill number.
You can go to the official website of bank and select Track your credit card. You will now be redirected to another page where you will have to enter your Air Way bill number. Once the number is verified, you can track your credit card location and when it will reach you for delivery.
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Can I See My Credit Report
You can get a free copy of your credit report every year. That means one copy from each of the three companies that writes your reports.
The law says you can get your free credit reports if you:
- go to AnnualCreditReport.com
Someone might say you can get a free report at another website. They probably are not telling the truth.
Why Is My Credit Report Important
Businesses look at your credit report when you apply for:
- loans from a bank
If you apply for one of these, the business wants to know if you pay your bills. The business also wants to know if you owe money to someone else. The business uses the information in your credit report to decide whether to give you a loan, a credit card, a job, or insurance.
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Get Prepped With Information
Your credit card issuer will need to verify your identity. Youll likely need to supply information such as your name, address and Social Security number.
Your issuer may want to know when your card was lost or stolen and when you made your last charge. They may review recent transactions with you to see if any of them appear to be fraudulent.
Your issuer will cancel your account and mail you a new credit card with a new account number.
Make sure to update your mobile wallet if it also includes the lost card as a means of payment.
Getting your lost card replaced should have no effect on your or credit score. Just remember that if you were using the lost card to make automatic payments for you, make sure you provide those vendors your new card number. In the short term, you may have to make manual payments. Its important to continue making your payments on time.