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"I
think money was stolen from my card" or "I might
have blocked my card in the ATM" - these are
frequent problems that bank customer-support
officers usually hear from agitated clients.
Incorrect use of
credit cards
or wrong interpretations of their functions are
frequent even after tens of years of credit-card
extensive use. Actually, there are 4 most frequent
causes for problems; one is related to
overspending, the second is about missing money;
this is usually connected to the 3rd problem -
unauthorized use and finally there is the issue of
forgotten information. All these problems are
interconnected and can lead to serious financial
problems. However, there are a few simple things
that you can do in order to avoid hassle.
First
and foremost, remember that your
credit card
has a limit. When you open a credit line
you will be given a certain credit limit
that can vary from twice your monthly income to 3
or maybe 4 times that income, depending on past
credit history.
However, do not spend more than you can pay back.
At the end of each month you will have to pay-back
the borrowed money and there will be no exceptions
from the rule. So lesson number one is “spend
within limits”.
The
second thing you need to do is keep a record of
your expenditures. Keep bank statements, receipts
and carbons in a safe place and at the end of each
month make a calculation of your deposits and
withdrawals. If there is any discrepancy between
the two, make sure to contact your issuer bank
immediately and solve the situation. Most people
find out that they have forgotten about a certain
payment that was made with the card, yet you may
find out more important information than this.
This brings us to the next issue - the
unauthorized use of credit cards. This is a wide
problem mainly due to theft. It is safe to keep
your credit cards in a wallet, separately from any
other papers so that you do not lose cards; it is
also recommended that you make sure there is no
one watching over your shoulder when you type you
personal identification number and off course
there is the rule of never giving out the PIN to
anybody. Unauthorized use is not only related to
theft. Young children should never be given the
number and/or the PIN of a credit card. If they
are still not aware of the value and importance of
money you may find yourself paying for useless
items or services. So rule no.2 is Never Give out
Your PIN.
There are many things we need to remember and keep
track of. One of these things is credit card
information such as name of issuer, year and month
of expiration, credit card number and PIN and the
help-line phone number. If you feel there is too
much data to memorize it is best to have
everything written down and kept in a safe place
like a deposit box or your telephone - there are
telephones that offer a special notebook feature
which can only be accessed by introducing a code
and where you can store data safely. Therefore,
another thing you need to do is Keep Records of
Important Information.
Managing credit cards is not child's play. You
will need to keep good track of your money if you
do not want to overspend or lose track of
expenditures. You also need to learn that your
money is your business and thus attention needs to
be paid when giving out credit card identification
information. Last, but just as important, you need
to keep in handy support-centre contact
information in case you need to report
irregularities or you have questions to ask.
Attention and common sense is actually all you
need in order to use a credit card wisely.
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