STILLWATER---How
careful are you when you use your credit cards? While it’s not always possible
to avoid credit card fraud, there are some things you can do to make it more
difficult for someone to get your credit card or your credit card numbers. Here
are some safety tips to consider:
- Treat your credit cards
like cash. Don’t leave them lying around.
- Limit the number of credit cards you carry at one time. Only carry
those you intend to use.
- If your new or renewal card does not
arrive on time, contact the credit card issuer (the company that issued
you the credit card). Then sign the card as soon as it arrives.
- Keep a list of your
credit card account numbers, when they expire, and the telephone numbers
and addresses of the credit card issuers. Keep this information in a safe
place away from your credit cards.
- Don’t give out your
credit card number over the telephone, through the mail, or over the
internet unless you’re making the contact and you know the company is
reputable. If you have questions about a company, check it out first with
the Better Business Bureau.
- Don’t write your credit
card account number on a postcard or on the outside of an envelope.
- Keep an eye on your
credit card during transactions. Get your card
back as soon as possible, making sure it is yours.
- If you catch an error
before the credit card transaction is completed, be sure the receipt is
“voided” or all copies are destroyed. If the transaction has been
completed, be sure it is canceled or a credit is posted to your account.
- Never sign a blank
credit card receipt. Make sure the total charge amount is correct and draw
a line through any blank spaces around the total.
- Save your credit card
receipts. Don’t leave them behind after you charge a purchase.
- If your credit card
billing statement does not arrive on time, contact the credit card issuer.
- When your credit card
billing statement arrives, open it promptly. Compare the charges on the
statement with your credit card receipts. When you do discard the
receipts, be sure to tear, shred, or otherwise destroy them. Don’t just
throw them in the trash.
- If you find an error on
your credit card bill, report it immediately. While you can call the card
issuer, be sure to follow it up in writing (to take advantage of your
rights under the Fair Credit Billing Act).
- Periodically check your
credit report for errors and incomplete information. The three major
consumer reporting agencies are Equifax (800-685-1111), Experian
(888-397-3742), and TransUnion (800-916-8800).
- If your credit card is
lost or stolen, immediately call the card issuer. Many credit card
companies have toll-free numbers and 24-hour service to deal with such
emergencies. It’s a good idea to follow-up the telephone call with a
letter. You also may want to contact the three
major consumer reporting agencies and ask that a “fraud alert” be placed
in your file. If someone has charged something to your account without
your authorization, you only have to pay for those charges made before you
notified the card issuer, up to a maximum of $50 per card.
If
used responsibly and safely, your credit cards can be a valuable and convenient
financial tool. However, without careful management, credit cards can lead to
frustration and financial problems.
Prepared by:
Joyce E. Jones
Personal Finance Specialist
104 HES, Room 233
OCES, Oklahoma State University
Stillwater, OK 74078
405-744-6282 joyceje@okstate.edu