Avoid Credit Card Frauds

Online shopping and banking opportunities have increased the popularity of usage of Credit Cards. But the counterfeiters have invaded this area also. Credit Card frauds can cause heavy losses to the holder. But these losses can be avoided by taking some timely precautionary measures:

• Avoid shopping from websites which are not certified by Verified-by-Visa or MasterCard SecureCode.

• Be careful when providing personal information online. Never give out personal or account information to anyone you do not trust.

• Ensure the Credit Card is swiped in your presence.

• After making any transactions, please make sure that the charge slip is complete before signing.

• Be wary of promotional scams. Identity thieves may use phony offers to get you to give them your personal information.

• Never keep your Credit Card and its related information like PIN together.

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A brief review of Credit Card

The Credit Card differs from Debit Card in that when you make purchase by using your Credit Card it doesn't deduct money from your bank account. On other hand when you shop using Debit Card it deducts money from your account after every transaction you make. In Credit Card shopping the Credit Card company lends money to merchant where you shopped. Usually you get one billing cycle money on credit without any interest being charged to you. You just need to pay full balance before due date to avoid interest charges. In case you are not able to pay back to Credit Card Company ensure that you pay at least minimum balance required by due date (different banks have different limits). Usually this amount is little and it helps you to keep your account in good grades. But this option should be avoided as it will pile interest amount on your borrowed amount and in no time your borrowed money will start swelling.

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