Great Guide On How To Properly Use Credit Cards
Even though they have gotten a bad reputation recently, there are many advantages to using credit cards if you use them wisely when making purchases. If you would like advice regarding credit cards, the information provided in this article will be beneficial to you.
There are often great bonuses for accepting a new card. Pay attention to the fine print on the card; in order to get the bonus, there are often certain terms you have to meet. Typically, you are required to charge a certain amount on the card in a limited time period to get the bonus.
Many credit cards come with rewards or loyalty accounts. If you utilize a credit card on a regular basis, you should locate a beneficial loyalty program that suits your needs. When used wisely, they can save you a great deal or even offer you an additional source of income.
Read emails and letters from your credit card company upon receipt. Credit card providers can make changes to their fees and interest rates provided that they give you a written notice of their changes. If you don’t agree with their changes, it’s your decision if you want to cancel your credit card.
Always keep your receipt if you buy things online. Keep such receipts until your bill arrives so that you can verify the accuracy of the amount charged. If the amount is not correct, contact the vender and dispute the charge immediately. Having the receipt on hand will make any disputes much easier to resolve.
Be sure not to leave any any portions blank when you sign a receipt at a store or restaurant. Make sure to write a dark line right through the tip area of your receipt so that it cannot be filled in by anyone else. When your monthly statement arrives, compare the charges with your receipts to ensure that everything matches.
Do not lend out credit cards under any circumstance. It’s a bad idea to lend them out to anyone, even friends in need. Lending out a credit card can have negative results if someone charges over the limit and can hurt your credit score.
Be careful when you use credit cards to make purchases online. If you are using your credit card online, be sure the site you’re on is secure. A secure site will keep your card information safe. Also, disregard emails which attempt to collect credit card information.
If anyone calls and asks for your card number, tell them no. Scammers commonly use this ploy. Only give your card number to businesses you can trust. If a random company calls you first, don’t share your numbers. You never know who is really on the other end of that line.
Keep a record of your credit card numbers and the emergency contact information of your various lenders. This list should be kept in a safe location away from your credit cards. Should your cards ever be lost or stolen, you can use this list to promptly notify the companies that issued your credit cards and advise them of the situation.
Many experts believe that the limits on your credit cards should not be above 75% of your total monthly salary. Also, you should never allow yourself to have a limit that exceeds your monthly salary. If you do, pay that card off and ask for a limit reduction. Your interest will quickly become unpayable.
All people with credit cards should get a copy of their credit report at no cost each year and look to see that everything is right. Make sure that everything in the report matches up and that your credit history is being reported with a great level of accuracy.
Avoid prepaid debit cards when considering secured cards. This is nothing more than a debit card and won’t affect your credit rating. Many prepaid card providers also charge extortionate fees for each transaction. Put down a deposit instead, and acquire a secured credit card.
It is important to keep your credit card accounts open for as long as possible, these are not short-term financial options. Frequent switches to new companies is not wise unless you find it absolutely necessary. How long you have had different accounts open plays a factor in how good your credit score is. Keeping accounts open for as long as possible will help build credit.
When you owe more than you can pay, you can end up having financial difficulties in the future. If this happens, it could make it hard for you to rent an apartment, get insured, finance a car or even get a job.
Avoid giving out your credit card information by fax or phone. Faxes sit in offices for hours on end, and an entire office full of people will have free access to all of your personal information. Any one of those people could unknowingly be a thief. This leaves you wide open to fraudulent charges.
After having secured credit cards that are in a good state, some companies will offer you cards that are unsecured. You may also find that you start receiving mail offers for credit cards. Re-evaluate your situation before deciding on which card you will accept.
Go through old credit cards that you don’t use anymore and consider closing them. If you have a lot of accounts open, it is easier to be a victim of fraud. Even if your account still has a balance on it, it can be closed. You may keep paying the balance until you have paid it in full.
If you want to hang onto a credit card, make sure that you use it. Many creditors will close an account if it is inactive for a long time. The sole way to ensure your card isn’t deactivated is to use it frequently. Do not forget to pay off the balance in full to avoid interest charges.
It’s hoped this article provides you with pertinent information you were looking for. You cannot be too careful when it comes to your credit, and often, the realization of a mistake comes after the damage has been done. Remember the guidance in this piece in order to get the most out of credit card utilization and do the least damage to your personal finances.
Useful Advice When Applying For Credit Cards
When people think of credit cards, they think of spending dangers and ridiculous interest rates. But debt isn’t inevitable, and credit cards can often be a convenient way to purchase items. To find the upside of credit cards, keep reading into this article for ideas you can use.
It’s good credit practice to consistently maintain two or three open credit cards. This will help you build one’s credit score, particularly if you pay your bill in full. Having more than three open helps lenders look at you in a bad light when they see your credit report.
Paying only the minimum payment on your credit cards will result in the lenders getting a lot of money from you over time and it taking you forever to fully pay off your cards. Pay more than the minimum payment. This helps you pay much less interest in the long run.
Understand the APR you are being offered. It is extremely important before you sign on to getting that credit card that you must know the interest rate. Choosing a card with a high interest rate will cost you dearly if you carry a balance. You may find it very hard to pay off your debt each month when high interest charges are added to your balance.
You want to stay away from both late fees and over the limit ones. They are both quite high and can have bad effects on your report. Watch your spending so you don’t exceed the credit limit.
When you make online purchases with your credit card, always print out a copy of the sales receipt. Keep it until you receive your statement so you can be sure the amounts match. If the amount is not correct, contact the vender and dispute the charge immediately. Having the receipt on hand will make any disputes much easier to resolve.
Online purchases should only be with trusted vendors whom you have checked out before divulging information. You should call any numbers that are listed on the site to make sure that they are working, and you should avoid using merchants that have no physical address listed on the site.
Check your credit score annually. 700 is generally the minimum score necessary to be considered a solid credit risk. Be wise with your credit to maintain that score or to attain it, if your score is lower. Keeping your score at 700 or better gives you the chance to take advantage of offers for the lowest interest rates.
Create a list of your credit cards, including the account number and emergency contact number for each one. Keep your list in a safe place that is separate from your cards. Should your cards ever be lost or stolen, you can use this list to promptly notify the companies that issued your credit cards and advise them of the situation.
Always check all the extra fees that your credit card carries so you don’t have any surprises. There are oftentimes charges for service, applications, cash advances and many other unexpected fees.
When you use more than one credit card to pay for purchases, you should try to focus on one card and pay it every month. Even if you need to carry a hefty balance on your other cards, having a card that you use and pay off every month can build a stronger credit history.
Tuck your credit cards in a separate area of your wallet to prevent using them when you intend to use your debit card. If the debit card is the first one you see, you are less likely to accidentally grab your credit card when you are rushing to get out of the store to your next stop.
Remember to occasionally use the credit cards that you want to keep. Creditors will most likely close any accounts that are inactive. If you want to keep a card, use it every few months for a small purchase. Remember, paying in a timely manner will avoid debt and higher interest rates.
When considering a secured credit card, always read the agreement carefully. Often, secured credit card issuers charge hefty fees that are taken out of your deposit, and you may wind up with very little credit.
Don’t pay off one credit card with another. Sometimes individuals get desperate and ask for cash advances, with the intention of using that money to pay their bill. However, the fees and interest rates for this type of transaction can cause a bigger emergency the following month.
If you have made a late payment or missed one, ask the card company to lower the fees and interest rates. Credit card companies can, and most likely will, increase your interest rate, as well as adding on extra fees if you happen to be late with a payment. If you make a call to your credit card company, you can sometimes get these kinds of charges reduced.
Keep in mind that credit cards are not a right, they are a privilege. Only when you follow wise credit management will you gain greater credit, and by being irresponsible, only negative impacts will occur. Responsible use of credit cards involves paying the balance in full each month and making sure all charges are legitimate.
It’s usually best to choose a credit card backed by a large company. Their cards come with better perks, and they often follow very strict business practices that benefit consumers. If you want the power that major credit cards can provide , you should deal with big credit card companies. After all, it is your credit report and score at stake.
When you travel, bring two cards along; that is especially true for foreign travel. You need cards from different issuers in order to maintain maximum financial flexibility. If you are experiencing trouble in using one card, having one from a similar bank will not help you. You are going to be better able to get money if your cards are not from the same institution.
As you can see from the above tips and techniques, credit cards offer a myriad of benefits. These benefits include convenience, rewards and peace of mind. Use the advice from this article to most effectively use your credit cards.
How a Good Credit Score Can Contribute to Your Financial Well-being
The concept of credit is not new. The origin of the word and its usage in the commercial sense of the term dates back four centuries. The idea of credit rating is relatively modern and came into practice a little over sixty years ago, whereas the first mention of credit cards is found in Europe in 1890. However, it was not until the late 1940s that the use of credit cards became widely accepted, and the credit is said to go to one New York businessman named Frank McNamara.
It is apparent in our modern lives that credit cards are indispensable tools of the financial structure and credit scores play an important role in our access to them. Not everyone understands what credit scores signify and how vital they can be for good financial health. To get all the information on credit scores and their importance, we suggest you read through.
What is a credit score?
A credit score is a metric to assess the creditworthiness of a person. In other words, based on the person’s credit history, that is the ability to pay off their debts, calculations are made to arrive at a number. This number or credit score determines the risk factor of the person who is to be eligible for loans or credit cards.
Typically, a credit score can range anywhere between 300 and 850, a higher score is desirable for being considered financially trustworthy. There is more than one way to calculate a credit score and what range it falls into. However, every creditor, more or less, follows a guideline with subtle variation in the numbers. So, the below credit score ranges will give a reasonable idea of how financial health is ascertained.
- Poor: 360-580
- Fair: 580-640
- Good: 640-700
- Very Good: 700-750
- Excellent: 750-850
What are the factors that determine credit scores?
Several factors determine credit scores, and it is useful to learn something about them.
- Payment history – As the name suggests, this is a log of every time you make a repayment on your debt. The criticality of this factor is the highest as timely repayment means you are less liable to default on future payments. This can lead to a high credit score and improve your creditworthiness if you want to take up new loans or credit cards.
- Total amount owed –This is also known as credit utilization and accounts for the next important weightage for determining credit scores. It is defined as how much of the available credit is in use. The lower the total amount owed, the better the credit score. Together with payment history, this factor accounts for more than half the total weightage for calculating credit scores.
- Length of credit history – This is an important determinant for credit score and is linked to payment history as well. If you have a long credit history that goes well with positive payment history, it would mean your credit score comes out high and your creditworthiness is superb.
- Types of credit or credit mix – There are different types of credit available such as installment loans, mortgage, credit cards. Which types of credit you are using, and a judicious mix of different credit types bode well for a high credit score.
- New credit – Every time a person opens a new account or a line of credit, credit inquiries are made and credit reports prepared for understanding the person’s eligibility. Getting new credit accounts, the number of such accounts you are operating and the time when you opened the latest account all contribute to the weightage for new credit.
Types of credit scores: FICO & VantageScore
The determining factors for credit score just discussed constitute the credit score model by the Fair Isaac Corporation, or, as they are popularly known as, FICO. One of the two leading credit score models used nowadays, FICO credit analysis assigns proportion weightage of the five factors used to calculate the credit score.
So, payment history accounts for 35%, credit utilization for 30%, length of credit history for 15% and 10% each for credit mix and new credit.
As mentioned, the credit score range is not a fixed set of rules, rather they are a guideline based on which credit health gets determined. Let’s then have a look at the FICO score ranges.
FICO Score RangesExceptional800+Very Good740-799Good670-739Fair580-669PoorUnder 580
VantageScore, which is the second most popular credit score model in use, is slightly different from the FICO model.
- Like FICO, payment history has the biggest weightage for calculating a credit score. The percentage assigned is, however, more than FICO and stands at 41%.
- The definition of a good credit score is a balance between total debt and where a lower percentage of the former and a higher percentage of the latter are desirable.VantageScore deems a combination of credit utilization, balance and available credit as a formidable factor in arriving at a person’s credit score, and assigns respective weightage of 20%, 6% and 2% to these aspects.
- VantageScore also deems credit mix and length of credit of history, as well as aging of the oldest and newest operating accounts as important. But their numbers differ comparedto the FICO model. Thus, the aging and credit mix is given a combined weightage of 20% and new credit is pegged 11% importance.
It stands to reason that if the combination and weightage distribution factors for calculating credit score varies, the credit score range definition of VantageScore will also be different from FICO.
VantageScore RangesExcellent750-850Good700-749Fair650-699Poor550-649Very PoorUnder 550
It is interesting to note that while lenders often go with one or the other, some prefer to look at both the FICO and VantageScore numbers before rationalizing them to arrive at the credit score of an individual.
Credit bureaus like Experian, Equifax and TransUnion often use their own parameters and formula to arrive at a customized credit score. However, these numbers have limited application beyond giving a general estimate of credit health. FICO credit score is considered by more than 90% of major U.S. lenders as the benchmarkwhen it comes to deciding creditworthiness.
What’s the difference between a credit score and a credit report?
People often get don’t understand the distinction between a credit score and a credit report. It can come handy to know the salient features of a credit report and how it is different from a credit score.
- By definition, a credit score is a number, while a credit report is a piece of comprehensive financial information consisting of details.
- A credit report contains personal information such as your name, address, contact information and acts as a record book of how consistent you been complying with payment agreements with present and past creditors.
- A credit report doesn’t contain a credit score but provides the insights behind the score. So, if you have a credit score reflecting low numbers, the report will help determine the cause of it.
- Statistics indicate that more than 40% of employers can run a credit check to assess financial risk factors before selecting. So, if you are applying for a job, your potential employer may view your credit report with your permission, but your credit score isn’t accessible to them.
- As a credit score is only a number, you cannot determine if it is correct or erroneous. That’s why a credit report is necessary to flesh out the details which led to that score. Correctness of credit limit can be easily verified or serious financial issues like identity theft can be discovered by looking at the credit report.
- Credit scores are, more often than not, accompanied by a charge. Federal laws allow consumers to get a free credit report once every 12 months from their choice of credit bureau.
Tips on maintaining a good credit score
By now, you must have concluded that a good credit score is essential if you want your financial well-being to continue. But what are the top tips on how to maintain a good credit score? We have compiled a quick overview of points to note that can help you in this regard.
- This may seem obvious, but the simplest approach is often the best way of doing things. Paying bills on time can not only impact credit score but can improve or weaken your credit report as well. Paying credit card bills is directly linked to a good credit score. However, credit bureaus keep track of all the bills you pay and hence, timely payment is the only way to ensure that your creditworthiness remains upbeat.
- Low credit card balances have a huge impact on credit score. The golden rule is to avoid charging more than 30% of your credit limit, irrespective of your ability to pay off the amount in the next credit card bill. Balance reported for calculating credit score takes into account when the statement is issued and not after successful bill payment. So, keeping track of your credit limit usage and paying before time to maintain balance always below 30% is a smart move.
- Closing old credit cards may seem a pragmatic but can backfire by dropping your credit score. Closing a card means, the credit bureau will stop getting updates and it will impact the credit score which will now base the formula on inactive accounts. Prolonged inactivity will prompt the credit bureau to remove account history and jeopardize your credit history. Also, closing old credit cards mean lowering of the credit limit and revising the balance needed to be maintained below the 30% threshold.
- Applying for new credit has an effect on credit age, which we saw is an important factor in determining credit score. Moreover, credit inquiries are always reflected in a credit report and should be limited to when you really want a credit card or a loan. Also, to note that several lines of credit lead to the accrual of more debt. So, debt management is the surest way to ensure a good credit score.
- As mentioned earlier, credit reports can help detect identity theft and fraud as well as chance errors. If you monitor your report occasionally, you can avoid such occurrences and help prevent your credit score taking a hit.
How does your credit score impact credit cards you qualify for?
Some people think that owning credit cards negatively impact credit score. Nothing can be further from the truth. In fact, if you have a credit card, it involves debt handling and exposure to the top factors that determine credit scores.
However, do remember one point. As true as it is that the judicious utilization of credit cards can boost higher credit scores, it is also accurate that you need a good credit score to qualify for a credit card. Credit card issuers are wary of individuals of high risk who have a history of low credit scores as they may end up with bad debt. Therefore, it is important to establish your credibility with an impeccable credit report and score so that it brightens your chance to get your hands on a credit card without a risk flag.
PeopelsDepotCredit Care is the smart way to go
There are many ways of getting financial products nowadays. PD Credit Care, from Peoples Depot, may well be the answer to your credit card needs if you are looking for traditional benefits or premium rewards.Or you may be someone with less then perfect credit trying to get a credit card to build your credit.
Check out their website today and enjoy the super ease of use of their array of products and services. Dedicated to the mission of helping people secure adequate, fair, and equal credit opportunities, PD Credit Care takes into consideration varied eligibility criteria and can help you find a credit card tailor-made to your needs. Appreciative of the financial needs of its customers, they are also planning to roll out attractive personal and other loan offers as well and tools like credit scores soon.
But do you know what makes PD Credit Care such a smart choice? The reason is not limited to their range of personalized offers for credit cards and financial products. They have a unique offer in the form of the First Access Card, which is a full-featured Visa credit card with a difference. You don’t need to have the perfect credit score for approval of this card, and you are guaranteed to get a response within 60 seconds of completing their easy online application. So, the time to worry about a low credit score and possibly missing out on credit card approval is over. Trust PD Credit Care to take care of it and get you started on your journey to financial well-being right away.
The Republican Tax Plan
The Republican Tax Plan Analysis – Part 2: Doubling of Standard Deduction
Under the new Tax Cuts and Jobs Act, the standard deduction is almost doubled to $12,000 for single people, which is up from $6,500, and the standard deduction for head of household is $18,000. Exemptions for blind and elderly (65 and older) remain in place. So, what does it mean to you?
The Republican Tax Plan analysis part 1
The Republican Tax Plan: Analysis – Part 1: Lower Individual
If you listen to Republicans, the new
tax law is a “cure-all” for all economic woes and will make everyone richer.
The Democrats, on the other hand, paint a picture of Armageddon callin the new
law “tax scam” that only benefits rich people. So what is the truth? The answer
is that the truth is somewhere in between as you will understand.
Know the Benefits of Balance Transfer Credit Cards
A balance transfer credit cards is an amazing financial tool that helps you pay off the debt by transferring your existing balance to a new card that has a better interest rate. This allows you to repay all your existing loans from other credit card providers. Your balance on your credit card keeps going up?? Don’t worry, you’re not the only one. balances transfer credit cards not only make the procedure quicker, but it also saves your lot of money if done correctly.
Large balances with high-interest rates are just amazing candidates for balance transfers. Did you know the benefits of balance transfer credit cards?? If no, then you’ve come to the right place, today we will discuss the benefits of using a balance transfer credit card.
A balance transfer credit card typically offers the following benefits:
Saves your money
Many credit card companies offer balance transfer credit cards that feature a zero interest rate. This is better than your current credit card on which you’re paying high-interest rates. Once you are unable to repay the credit bill, you’ll have to pay the penalties and fines. therefore, it will be better to shift to another card on which you’ve to pay zero interest rate.
Lower your monthly payment
A low-interest rate means that more money you can save and that goes towards reducing your balance. Another benefit of this credit card is that to get out of your debt will get easier now. instead of paying the interest rate, you’re paying the principal amount. on other types of credit cards, you are just kept on paying the penalties and interest rates, but your principal amount remains the same.
Rewards and Perks
you can choose a balance transfer credit card with better rewards and perks. you can find one with shopping discounts, restaurant, and shopping vouchers, flight points and many more. you may have chosen your previous credit card after considering every point, but now you have a great chance to look for a better option.
Consolidating your debt into one monthly payment can reduce the number of your monthly bills if you’ve high interest on multiple cards. It is very easy to track your expenditures if you’ve only one credit card payment to think of. This one is better than having many cards to manage at the same time.
You can easily consolidate your debts when you’ve everything in just one card. Many balance transfer credit card companies provide an application to track all your expenses and credit. This will minimize your expenses and help you to control yourself when you do more than you should.
Before you apply for credit card online, first check your credit score. To make a balance transfer card work in your favor, use it wisely.
There are many reasons to apply for a balance transfer credit cards, but you just have to remember that it is not for everyone. And remember, you have to pay a small amount for the balance transfer transactions. Before applying for this type of credit card, know your requirements. If you think it would be beneficial for you, then just for it.
Know How to Improve your Credit Score
Bad credit can make it harder for you to get a loan or a credit card. Having excellent credit can save your dollars in lower interest rates, but with the bad credit you have to pay the high-interest rates and you will also get a low credit limit. even with bad credit, you can’t apply for credit cards, but thanks to credit cards for bad credit that is available for you, if you’ve low credit score.
If you’ve bad or poor credit, you may be thinking about how to increase your credit score? How to apply for a credit card with bad credit or poor credit?? don’t worry, you still have hope in this article we’ve mentioned more steps that you can take to begin raising your credit score.
Pay off past dues
35% of credit score is in the hands of payment history, that’s why payment history is the most important determinant of your credit. if your payment history is not good, more it spoils your credit score. First, clear all the payment dues to increase your credit score. do your best to pay the past-due payment, then the lender will update the account status which will reflect favorably on your credit score.
Avoid new Purchases
New credit card purchases will increase your utilization rate. more of your credit score may be affected because high of your balances will make your credit utilization also high. so make sure to keep your credit utilization rate below 30%. pay cash for your new purchases instead of using credit cards to minimize the impact on your utilization rate. it will be better if you avoid your total purchases.
Apply for New Credit Cards
Don’t worry instant approval credit cards for bad credit are also available. Many credit card companies offer credit cards for bad credit, so apply for credit card online. But, remember you’ve to pay for this high-interest rate and you’ll also get a low credit limit. You may also get fewer benefits and perks of the credit card, as you have a bad credit score.
Leave your Accounts Open
it’s happened in very rare situations, that closing a credit card will increase your credit. make sure that it won’t negatively affect your credit before closing your account. it’s preferable to leave your account open and pay your dues on time. closing an account may affect your credit score even if your card has a zero balance. so, let your accounts open and improve your credit score.
Get professional help
If you’re worried about your credit situation, don’t worry consumer credit counseling is always available to assist you. you can take the help of certified credit counselors in creating a budget, getting your finances in order, and put together a debt management plan. find a trustworthy credit counselor, they will guide you on how to improve your credit score.
Be patient and continuously monitor your credit, pay your bills on time, and minimize your expenditures. At last, you have to be patient, as your credit score will not improve overnight, you have to wait.
Credit Card Payment Security: All That You Need to Know
Information is key and anything that is of value needs a good deal of protection. It is thus no wonder that credit cards, which involve transactions of payments made in the form of data stored in the cards, need a secured environment. Most of us, while happy to use our credit cards to pay for everything, don’t know or appreciate enough anything about credit card payment security.
It is, however, very useful to know as any breach of security can cause crippling financial losses and knowing about smart security tips can help you safeguard your money and give peace of mind.
You may have heard of PCI DSS when there is any talk of credit card payment security. If you don’t know its significance, the following explanation will make you take notice. PCI DSS stands for Payment Card Industry Data Security Standard. Its sole purpose is to help ensure payment system security for all businesses and enterprises that allow card payment. As a result, the risk of a data breach or identity theft of the cardholder’s information is cut down. Thus, it is evident that complying with PCI DSS protocols can lead to safer credit card payments.
PCI DSS compliance protocols
It doesn’t matter which credit card you use – be it American Express, Discover, MasterCard, Visa or any other, complying with PCI DSS protocols is crucial. The following key factors are considered the best business practices and essential to help credit card security.
- The first step in ensuring card payment security is that you need to maintain a secure network and system.
- Firewalls act as tools to prevent unwarranted access to your network. So, installing a firewall configuration can go a long way in protecting customer information.
- When you are asked to create a password, sometimes default passwords are suggested. While it may seem easy to use that, it is better to come up with your own password for the system.
- A proven method of protecting cardholder data is to encrypt it while transmitting using open and public networks.
- Businesses are needed to devise and implement an effective vulnerability management system as part of their PCI DSS compliance. This enables maintaining secure systems and applications by regular updating of antivirus and anti-malware programs.
- A vital aspect of these compliance protocols to have a strong access control system in place. There is no knowing how information can expose vulnerability. So, when credit card payments need information sharing during a transaction, it is advisable to share only that data which the business needs to know and restrict information flow about everything else.
- An efficient access control is more than just restricting physical access to cardholder information. It entails a thorough identification as well as authentication of access to system components.
- Any access to cardholder data or network resources has to be strictly monitored and all security systems and processes need mandatory testing protocols.
- Having a robust information security policy and maintaining it is another major compliance factor for credit card payment security.
Compliance tips for validating credit card security
Knowing about what PCI DSS compliance protocols entail is only half the picture. Here, we have compiled a list of things you could do to become compliant. Regular review of the security measures and validating if the compliance protocols are met is a great way to go about this.
- PCI has a self-assessment questionnaire that lets you evaluate the security measures surrounding cardholder data yourself.
- If you have a business venture that wants to start PCI DSS compliant credit card payment system for secure and smooth transactions for your customers, having a qualified IT professional, who is up-to-date with all compliance requirements, is indispensable. Start-ups and small businesses are easier to achieve PCI DSS compliance as the complexity level of the enterprise is low, leading to better policy and control implementation in both technical and nontechnical aspects of PCI DSS.
- Another useful tip is to work with a PCI DSS expert who can certify your compliance. This is a smart investment as the cost of liability due to data breach, even with cyber liability coverage, can be staggering.
- For businesses, partnering with a bank or credit card processor is how they enable card payment facilities for their customers. As PCI DSS compliance is mandatory for such entities, the partnership between them and your business can help you attain and maintain compliance validation too.
You can even check if the hardware or software is compliant for safe credit card usage by checking that the service providers for terminals for points of sale, swipers, card readers or online applications are approved and listed on the PCI DSS website.
What habits can make online transactions using credit cards safe?
So, we have seen the scope, importance, and requirements for PCI DSS compliance related to credit card payment security. But what about the people who are using the credit cards? Are there any tips that can establish a safe credit card usage habit?
Yes, there are. Being proactive about how you are using credit cards to make payments and transactions online can prevent security problems even before they can happen. The basics of credit card payment security is rooted in common sense. However, having easy-to-remember pointers can be quite useful. That’s why we have prepared a 12-point checklist for you to ensure credit card safety.
- You should start practicing security measures from the first day you get a credit card in your hands. Many people neglect to put their signature on the back of their cards where the blank space is provided just for that purpose. You must remember that a signed credit card is the first line of defense if someone unscrupulous has got hold of your card.
- It is important to be alert on possible suspicious activities on your card and spend some time in devising strong passwords and PIN. Consecutive numbers, personal numbers like birthday or digits of your Social Security don’t make a secured PIN. Moreover, the alpha-numeric password must also be strong and set carefully so that in an attempt to make it easy to remember, you don’t make it easy to hack. A common mistake to avoid is to use the same password and PIN for all your accounts. In this respect, wherever multifactor authentication is available, you should opt for it for enhanced security.
- You must always keep your account number private. This may seem an obvious tip, but you will be surprised how many people neglect doing it and pay the consequences. It is better to be cautious, so when you are using your credit card at a public location, make sure you don’t display it in a way that anyone can see, read and memorize the numbers. Sometimes you may be in a situation where you have to divulge your account details over the phone. It is advisable to do so if you were the one to make the call in the first place, and then too only with the bank or merchants who you trust.
- Nowadays, we spend so much time online that inculcating secured credit card usage habits in the middle of our online activities have become essential. One should be wary of any dubious communications that ask you to share your personal details or click on a suspicious link.
- Physical communication can often be a weak point. So, you should opt for paperless statements for your credit cards and make digital payments at all times. If you deem the sensitive information on paper you have related to your credit card as not needed because you have everything online, then it is wise to shred the documents and not just throw them into the trash.
- Contact information such as address, phone number, and email should always be updated in case of any changes. This can prevent identity theft and fraud related to credit card data.
- Checking your receipts and verifying with your account regularly is another obvious but important practice to identify and preempt credit card fraud. As with information details, old or duplicate receipts should also be shredded before throwing them out.
- A smart way of ensuring credit card security is to use protection for your devices and networks. It is thus always advisable to avoid storing credit card details online for quick transactions, as this can be vulnerable to cyber-attacks. Using autofill options are discouraged due to the same reason.
- If you are not already using digital wallets for secure online credit card payments, do consider it. Remember that digital wallets use high-level encryption, token protocols, and authentication to carry out electronic transactions. Using passcodes and fingerprint unlock further enhances the security aspect. As a result, they are safer to use than carrying a credit card around. You can also think about using virtual credit cards linked to digital wallets for all payments made on the internet.
- Best security practices for online credit card payments can be implemented through some basic safety measures. If you are engaged in online shopping, before whipping up your credit card details for payment, ascertain that the URL is safe and using ‘https’ in the address to indicate it is secure. We have already reiterated that typing credit card details manually may seem cumbersome, but is safer, and also that using digital wallets adds to an additional layer of security, as without credit card details entered for a transaction, the details don’t get leaked in case the merchant site is hacked. But did you know that using your mobile data is preferable to logging into possibly unsafe public Wi-Fi for financial transactions involving credit cards? It is wise to avoid using public networks as much as possible so that your details are safe from getting leaked by inadequate safety protocols.
- Credit card account hacks and fraudulent activities can happen without warning. So, it is a smart move to keep monitoring your account activities periodically. Credit card issuers usually offer text and email alerts whenever there is an activity using the card, which is a fundamental and effective method of checking up on your account and verifying every time the card is in use. People, who have experienced credit card fraud, are most wary of security. If you have been a victim in the past, it is wise to sign up with a credit monitoring service for fraud detection and protection.
- An advice that most people find obvious but can still make mistakes on practicing is to report the loss or suspected theft of your credit card without delay. The longer you wait, the chances of the card being used become higher, so blocking it as soon as possible is recommended. Federal laws stipulate that charges for hot-listing credit cards must be nominal, and most credit card issuers waive that too in case you notify them promptly.
PD Credit Care is a great solution for credit card needs
Having read so far and learning all about PCI DSS compliance and knowing the best tips of safe credit card payments, you must be excited about utilizing the knowledge. If you are looking for cool credit card financing options, tailor-made for your situation, then tapping the resources of PD Credit Care is a great idea.
They are committed to helping find the right credit card for you from their wide range of card offers. You should check out their website for the various benefits and rewards that you can avail by getting your credit card from them. Eligibility for a credit card with them is super easy and the entire pre-qualification process can be completed within 60 seconds.
The USP of getting a full-featured First Access Card, powered by Visa, from PD Credit Care is how it is not dependent on a perfect credit report. Even with a low credit score, you can get a credit card without a hitch. And not only credit card options, a full range of the products you can check in their portal, but tools like credit scores and offers such as personal loans are soon to be launched. You can also subscribe to their mailing list to always stay in touch with the latest news and updates about the products and services. So, what are you waiting for? Apply for a credit card from PD Credit Care today and start enjoying all the benefits associated with it.