The rampant breach in security for Credit Card usage can put you on high alert. But, here’s an interesting technique to keep Credit Card fraudsters at bay.
The numbers are only rising. And with the whole country moving towards digitisation, these numbers are only going to triple up. Wondering what numbers we are talking about? We are talking about Credit Card fraud!
Yes, it’s no surprise that Credit Card fraud has become rampant. And no, the user cannot be blamed for it. Sometimes, despite taking all precautions, one could fall prey to the heinous virtual crime. It’s the little things that you need to be careful about.
Additional Reading: Hit And Run By Credit Card Fraud? Here’s What To Do
For starters, don’t share your card details with anyone, don’t write down passwords and leave it around. Don’t save your card information on e-commerce websites. And the list of Don’ts can go on. But here’s an interesting technique you can follow to stay clear of Credit Card fraud damage – ‘Autopay & Everyday’!
Don’t know what that is? Don’t worry, we’ll explain in detail.
Additional Reading: Epic Credit Card Frauds And How To Avoid Them
What Is The Autopay & Everyday Technique?
Typically, if you have one Credit Card you tend to use it for almost everything. Right? Say you pay your utility bills, have an online monthly subscription or use your card to pay for EMIs on a current big purchase.
So, when you lose your Credit Card, or if your Credit Card details have been compromised, you will have to go and change all your payment instructions. This process can be very painful. Imagine logging on to the various platforms and making changes to each and everything that you use to pay from your Credit Card?
To avoid such a scenario, you can use the ‘autopay and everyday’ technique. According to this technique, you need to have two Credit Cards, one that you use for all your ‘autopay’ options, like paying monthly utility bills, your mobile phone bill, your software subscriptions and the likes. So, this way you just use one card on all trusted sites of trusted vendors. And the other/second card you’ll use to pay for all other expenses.
Make sure that you don’t use your ‘autopay’ card for anything else. You can probably leave this card in your safe and not use it at all.
Now, by doing this you are ensuring that your Credit Card and its details are not used anywhere else and don’t pose the risk of being compromised. In reality, your autopay card isn’t being processed by restaurant servers, attendants at the petrol bunk, or at random online sites where your card information can be used by fraudsters.
Additional Reading: How To Protect Your Credit Card From Skimming
So, for all your other everyday purchases, you use a different card. And this is your ‘everyday’ Credit Card. And in the worst-case scenario, if your Credit Card is lost or stolen, all you need to do is inform the card issuer and cancel it.
Now, this would save you all the trouble of cancelling or changing your payment instructions on each and every monthly bill payments, subscriptions, etc.
Additional Reading: Top Of The Chart Credit Cards For 2018
Advantages Of Using The Autopay & Everyday Technique
- Having two Credit Cards can help you build your Credit Score, provided you are proactive about your repayments!
- Since you will need two Credit Cards to exercise this strategy, you can use an add-on Credit Card which you could get for free from your issuer and that which comes with a ton of other add-on benefits.
- If you are someone who travels a lot, you can use a Travel Credit Card and set it on autopay mode while making your flight bookings and enjoy a bunch of other privileges like air miles and lounge access that come with a Travel Credit Card.
| BB Tip: Check out these popular Travel Credit Cards of 2018
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- For all your everyday purchases, you can opt for a Credit Card that is high on rewards and cashback to get the maximum benefit from such a card.
| BB Tip: Here are some of the best Credit Cards for cashback
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Sadly, you may not be able to come up with a totally foolproof way to avoid Credit Card fraud since these virtual perpetrators will always come up with new ways to dupe you. But, a little step towards staying safe will go a long way.
Hope this technique helps you stay safe with your Credit Card. Don’t have that second card for ‘autopay & every day’? Fret not. We have loads of options for you at your fingertips.