Tips On Avoiding Credit and Charge Card Fraud

Posted by Admin | Uncategorized | Saturday 30 January 2010 10:24 am

Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year. While theft is the most obvious form of fraud, it can occur in other ways. For example, someone may use your card number without your knowledge.

It’s not always possible to prevent credit or charge card fraud from happening. But there are a few steps you can take to make it more difficult for a crook to capture your card or card numbers and minimize the possibility.

Sign your cards as soon as they arrive.

Carry your cards separately from your wallet, in a zippered compartment, a business card holder, or another small pouch.

Keep a record of your account numbers, their expiration dates, and the phone number and address of each company in a secure place.

Keep an eye on your card during the transaction, and get it back as quickly as possible.

Void incorrect receipts.

Destroy carbons.

Save receipts to compare with billing statements.

Open bills promptly and reconcile accounts monthly, just as you would your checking account.

Report any questionable charges promptly to the card issuer.

Notify card companies in advance of a change in address.

Don’t:

Lend your card(s) to anyone.

Leave cards or receipts lying around.

Sign a blank receipt. When you sign a receipt, draw a line through any blank spaces above the total.

Write your account number on a postcard or the outside of an envelope.

Give out your account number over the phone unless you’re making the call to a company you know is reputable.

Reporting Losses and Fraud If you lose your credit or charge cards or if you realize they’ve been lost or stolen, immediately call the issuer(s). Many companies have toll-free numbers and 24-hour service to deal with such emergencies.

Consolidate Credit Card Debt

Posted by Admin | Uncategorized | Monday 20 July 2009 5:11 pm

Credit card debt consolidation is a term that gets thrown around on TV a lot. Once you understand what debt consolidation is and how it is accomplished, it is very likely you can accomplish the same goals and get the same benefits without paying anyone an excessive fee.

The reasons debt consolidation services have sprung into existence is that with the challenges in the economy like unemployment and the prices of so many of life’s necessities going higher and higher, many people are spreading their debt over many cards. The result is that an average person might have three or more cards with high debt run up on each of them. Because of this the interest fees being charged on a monthly basis by the credit card companies can get quite high and spiral out of control.

The first point of credit card debt consolidation is to get all of your debt into one master account. Then, as soon as you can, get rid of the credit cards, then close the credit card accounts entirely and try to get a reasonable interest rate on the master  account and you can deal with this one account over time.

One tactic that is often used to move your debt to lower rate interest loans is to use 0% offers from credit card companies. That is fine, but be careful with those because sometimes there are hidden transfer fees that can be as high as interest payments

If you can move several thousand dollars to a zero percent loan for six months, then do so, but make sure you work on paying off higher interest cards.

Be sure and read the small print on the 0% credit card contract because at the end of your “free” period the interest rate on that new card account can oftentimes be higher than any of your other credit card interest rates.

Start a diary of your debt where you document each card you have, what the interest rate is, what your credit limit is and what your minimum payments are and when those payments need to be made during the month.

This diary will tell you which credit cards need the most attention and where you should look to consolidate two credit cards into one or all of them into the one credit source that you feel you can work with long term.

By working with that partner you can make a plan to consolidate your credit card debt and get rid of it once and for all.

To learn more about debt consolidation visit http://www.creditcard-topics.com where you will find articles, tips and advice on how to handle your debt.

About the author: Jim S Banks is the director of http://www.creditcard-topics.com where there is information and advice on credit cards, credit card debt, debt consolidation and more.