You may need to permanently block your credit card for various reasons, such as suspected fraud, identity theft, or simply to avoid overspending. Here we describe different credit card blocking techniques, their consequences, and how to select the one that best suits your requirements.
What are credit cards?
The bank or financial institution issues the credit card. It is merely a means of payment that allows you to borrow money to purchase goods or services that can be repaid later. Essentially it works like a short-term loan, and you have a credit limit that specifies how much money you can borrow at any given time. You will receive a monthly overview of your expenses and debts by post.
How to protect credit cards against fraudulent use?
Consider the following tips to keep your credit cards safe:
- Make sure you have your credit card’s customer support number with you.
- Never share your credit card PIN with anyone else.
- Never store your credit card information on websites.
- Always use credit cards only on secure websites.
- Always double check receipts to ensure charges are correct.
- Don’t use all credit cards at the same time.
- Put reliable antivirus software on your devices
- Create unique PIN codes on each card.
- Avoid any transaction that must be conducted online from public computer systems.
Common reasons for blocking a credit card
1. Fraud or theft: If your card is lost, stolen or used fraudulently, you can quickly stop further fraudulent transactions by immediately locking the card.
2. Overspending: Some consumers will temporarily or permanently block their cards, with the intention of curbing the tendency to spend recklessly and developing good money management.
3. Financial crisis: Blocking the card when you are in a financial crisis will ensure that you don’t incur additional debt and instead use alternative payment methods.
How to permanently block credit cards?
The most popular ways you can freeze your credit card are as follows:
1. Talk to customer support: Call the customer service number of the bank that issued your card. Upon verification of your identity, the representative will immediately block your card.
2. Send a text message: Some banks allow you to block credit cards via SMS. To avail this option, make sure you use the mobile number you had registered while opening the account.
3. Net banking: Log into your account, click on the credit card section and select ‘Block credit card’. In some places, temporary blockages are even possible with this method.
4. Mobile App: Most banks offer mobile apps to manage accounts. Blocking your card via the app is usually a very short process and similar to doing so via Net banking.
5. Visit a bank branch: If you wish to trade in person, go to your bank branch and complete the blocking form or submit a written request.
In short, permanently block a credit card: an easy yet essential step to ensure that all your money is not lost if the credit card is lost, stolen or misused. Stop fraudulent transactions: respond on time. Please pay the outstanding balance before proceeding: via the mobile application, website, customer support line or a branch of your respective bank. Finally, validate the collection process with your bank to save you from problems and further guarantee your financial security.
(Note: Using a credit card comes with its own risks)
