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When
You Receive Your Credit Card
Once you
receive your credit card in the mail, sign it immediately
so no one else can use it. The accompanying papers have important
information, such as customer service telephone numbers and
where to call if your credit card is lost or stolen. Keep
this information in a safe place. There will usually be instructions
to call the credit card issuer in order to activate the card.
Many credit card issuers require this step to minimize fraud
and to give you additional information.
Keep your credit card account information to yourself, and
do not lend your credit card to anyone, even to a friend.
Never give out your credit card number or expiration date
over the phone unless you know with whom you are dealing.
A criminal can use this information to steal money from you,
or even to assume your credit identity.
If your
credit card is lost or stolen, you are not liable for any
charges if you report the loss before the credit card is used.
If the credit card is used before you report it missing, the
most you will owe is $50. |
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Keep copies
of credit card sales receipts and compare charges when your
bill arrives. Promptly report any questionable charges to the
credit card issuer - if you call first, make sure you also send
them details in writing. When you have used your credit card
for a purchase and you do not receive the goods or services
as promised, you might be able to withhold payment for the goods
or services. Contact your credit card issuer - they must investigate
billing disputes by law - and be sure to send details in writing.
Protect
your credit record. Pay bills promptly to keep finance charges
low and to protect your credit rating. Keep track of your
credit card charges and do not exceed your credit limit. Report
any change of address prior to moving, so that you receive
bills promptly.
While
a credit card makes it easy to buy something now and pay for
it later, you can lose track of how much you have spent by
the time the bill arrives if you are not careful. And if you
do not pay your bill in full, you will probably have to pay
finance charges on the unpaid balance. If you continue to
charge while carrying an outstanding balance on your credit
card, your debt can snowball. Before you know it, your minimum
payment is only covering the interest. If you start having
trouble repaying the debt, you could tarnish your credit
report and make yourself a higher risk. That can have
a sizable impact on your life. A negative credit report can
make it more difficult to finance a car or home, get Insurance,
and even get a job.
 
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