A simple swipe is all that stands between you and all that you fancy. Never in the history of mankind has such a simple gesture been as potent!
But how many of us really give the credit card the respect it deserves?
Are you the sort who can't wait for the closing moments of your shopping spree when the ubiquitous slip is proffered, so you can hastily sign it and move on with your life?
The next time, we would suggest caution, for these closing moments may in fact be the beginning of a whole new chapter in your life.
A couple of weeks later, you could find yourself clutching a grossly inflated statement from your bank. A quick glance would confirm your worst fears -- you were billed for a singular purchase made, over and over again, or in movie channel parlance, back to back.
How did this happen? Go back in time and you may remember a profusely apologetic cashier at the counter trying to unsuccessfully swipe your card, while admitting aloud the line was sometimes a problem. All the while, you'd be wondering if you had have reached the limit on the card ('Nah! Didn't use it that many times').
Finally, to your great relief, the card was accepted and you left the establishment after signing the slip, only once.
If you are lucky, this could happen to you at a place you frequent and where they know you well. You would also have had the good sense to preserve the bill and your copy of the slip. Of course, a trip to the establishment would be unavoidable to sort the issue out. But then, they at least know you so it shouldn't take long to convince them of your genuineness.
Imagine your predicament if this were to happen to you at one of those innumerable shopping malls. Would it be as easy to prove your case then?
Here are a few precautions you must keep in mind when using your card:
1. Whenever you make a payment, keep your bill and your copy of the slip, at least until you receive your monthly statement from the bank. Once you receive the statement, do spare the time to glance through individual transactions and mentally tick them off to establish their veracity.
2. Never reveal your credit card number to anyone, even if the voice at the other end of the phone claims to be from the bank. Remember it is just that -- a voice out of nowhere. In this day and age, where the techno-savvy criminal is forever one step ahead of the law, it pays to be vigilant.
3. Try and be around when your card is being swiped. Take the petrol pump, for instance. You top the tank and ask the attendant to charge it on the card. The attendant disappears with your card and comes back with a slip for you to sign. Ditto, in a restaurant.
You have just given him access to your name and card number. Purchases can now be easily made on the Internet with this information. As far as possible, try and be around when the card is swiped and make sure no one takes down the details.
4. If you have lost your card, inform your bank and ask them to freeze it. Do it immediately because, if your thief is fast, you may lose heavily. The bank will naturally insist on payment for all transactions during the interim period (from the time the card was stolen till the card was actually frozen).
5. As a measure of protection, maintain low limits on your credit card/s. By doing so, you will have in place natural buffers to arrest any extensive misuse of your card. For unforeseen events, such as a medical emergency, you may choose to have a separate card with higher limits. Use this card sparingly.
And, the next time you whip out that card from your wallet, remember to watch out for that swipe!
Do you have any tips you would like to share on safeguarding your card? We would love to hear from you.
