Protecting your credit card!

By | July 9, 2014
Protecting your credit card

Credit Card Security

Pankaj has been using credit cards for quite some time and his overall experience with these tools was amazing. One of the major reasons why credit cards worked for him was that he had spent a considerable amount of time in looking for the right card that suited his needs and budget. However, the road for Pankaj was not always smooth because initially he had to face a lot of difficulties with respect to the protection of the cards. A credit card holder is usually considered a member of the elite society. Therefore, the cases of thefts against credit card holders have also increased significantly in the recent times. These cards are used widely both online and offline for the purpose of shopping. Hence, as a user, you need to protect your card against all kinds of thefts.

CIBIL has clearly explained the norms related to credit cards in India on their official website. This is an organization which works for the betterment of the customers who are looking to improve their credit score and history so that they can get a good loan or credit card deal. Every user needs to guard the details of the card which are required for making purchases. Even when you use your credit card in your local grocery stores, you need to keep an eye on the salesman. By using a magnetic reader attached to the swipe machine, anyone can easily get access to your card details. In case of a stolen credit card, you should report to the bank authorities right away.

The special features of the credit cards being offered by different banks are discussed below.

Bank Special Features
Standard Chartered Bank Cash back on fuel spends, utility bills and phone bills
LIC Exciting rewards program, lost card liability cover insurance and low processing fee
ING Vysya 0% fuel surcharge, no annual fee and exclusive reward points
HSBC Domestic flight ticket vouchers and makemytrip discount deals
American Express Quick reward points, flight vouchers

As on 6th April, 2014


Keeping a Check on the Skimmers

Watching out for the skimmers in the market is very important for a credit card holder. Skimming is the illegal practice of acquiring your credit card details by reading it from the card directly. A simple electronic device which is attached to the ATM machine could easily read all your information. Several restaurants accept credit cards for payments and you should never blindly trust a seller with your credit card. As soon as you come across a suspicious-looking terminal, you should talk to the concerned authorities directly.


Financial Paper Trail

Controlling and managing your financial paper trail is another crucial thing that you must keep in mind. Always remember that even the last four digits of your credit card could land you in trouble if they go into the wrong hands. Hence, it is crucial for you to destroy all your credit card payment receipts as and when you receive them. It is definitely better to go paperless as far as your payment credentials are concerned.


Secured Websites

When you’re shopping online, you should make it a point to shop on secured websites only. Websites that are HTTP secured should be chosen so that your payments are secured till the end. The little lock symbol that appears on the top left of your browser’s address bar shows that the website is secure for shopping.


Spotting a Scam Website

Several identity thieves on the internet depend on the fact that some individuals just don’t conduct research on the website’s background. They simply target a website which is more prone to cyber attacks and crimes. So, every user needs to select a website cautiously after going through some of the customer reviews. Check how satisfied the clients are before you choose a particular website.


Keeping an Eye on the Unauthorised Charges

The charges deducted from your account even when you haven’t made any purchases from the credit card are unauthorised charges. You should check your credit card bill from time to time to see whether there are any unauthorized charges mentioned. You should also compare your receipts with the bills and if you find any errors you must report them immediately.


What if Your Card Gets Stolen?

If you’ve lost your credit card, you should call the credit card company quickly and inform them about the present situation. Most of the banks offer 24 hour customer service support and you could easily call their professionals in a state of emergency. The loss of the card should be reported immediately so that the card is blocked before someone uses it wrongly.

Opt for a chip based card

Banks now have upgraded the cards to chip based cards as an added security measure. You can talk to your bank and upgrade the security of your card to further strengthen card protection.

Credit card transactions should be done carefully by the user so that any kind of fraud practice can be avoided.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit for the latest rates/offers.
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About BankBazaar

Abhishek is responsible for’s Business Operations and Partner Management activities. Abhishek has a Master’s degree in Business Administration from S.P. Jain Institute of Management & Research and is a University rank holder in Engineering from Punjab Technical University. Prior to joining BankBazaar, Abhishek worked with the retail banking division of ICICI Bank and was handling diverse functions like Sales Operations, Customer Relationship Management and Cash Management, along with coordinating best practice projects like 5s,Six Sigma etc. Abhishek is also a green belt trained in 6-Sigma from KPMG and has a number of certifications from NSDL.

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