Credit Cards: When You Receive Your Card
Once you receive your card in
the mail, sign it immediately so no one else can use it. The accompanying papers
have important information, such as customer service telephone numbers and where
to call if your card is lost or stolen. Keep this information in a safe place.
There will usually be instructions to call the card issuer in order to activate
the card. Many issuers require this step to minimize fraud and to give you
additional information.
Keep your account information to yourself, and do not lend your card to anyone,
even to a friend. Never give out your credit card number or expiration date over
the phone unless you know with whom you are dealing. A criminal can use this
information to steal money from you, or even to assume your credit identity.
If your card is lost or
stolen, you are not liable for any charges if you report the loss before the
card is used. If the card is used before you report it missing, the most you
will owe is $50.
Keep copies of sales slips and compare charges
when your bill arrives. Promptly report any questionable charges to the card
issuer - if you call first, make sure you also send them details in writing.
When you have used your card for a purchase and you do not receive the goods or
services as promised, you might be able to withhold payment for the goods or
services. Contact your card issuer - they must investigate billing disputes by
law - and be sure to send details in writing.
Protect your credit record. Pay bills promptly to keep finance charges low and
to protect your credit rating. Keep track of your charges and do not exceed your
credit limit. Report any change of address prior to moving, so that you receive
bills promptly.
While a credit card makes it easy to buy something now and pay for it later, you
can lose track of how much you have spent by the time the bill arrives if you
are not careful. And if you do not pay your bill in full, you will probably have
to pay finance charges on the unpaid balance. If you continue to charge while
carrying an outstanding balance, your debt can snowball. Before you know it,
your minimum payment is only covering the interest. If you start having trouble
repaying the debt, you could tarnish your credit report and make yourself a
higher risk. That can have a sizable impact on your life. A negative report can
make it more difficult to finance a car or home, get Insurance, and even get a
job.
Next ==>> Your Rights and Protections
Table of Contents:
-
How to establish
credit
-
Types of Credit Card Accounts
-
Precautions for Choosing or
Using a Credit Card
-
When You Receive Your Card
- Your Rights and Protections
-
What is a Credit Report (and How Do I Get Mine)?
-
How to Dispute Credit Report Errors
-
Unauthorized Use of Your Account: (What to Do if Your Identity
is Stolen)
-
Help and Resources
|
