How to block credit cards permanently? Here are 5 effective methods | Mint
Source: Live Mint
You may have to permanently block your credit card for several reasons, such as suspected fraud, identity theft, or just to stop overspending. Here we will describe various credit card blocking techniques, their ramifications, 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’s just a tool of payment allowing you to borrow money to buy goods or services that can be repaid later. Essentially, it works as a short-term loan, and you’ve got a credit limit setting out how much money you are able to borrow at any given time. Every month, a statement of your expenditures and what you owe will be mailed to you.
How to protect credit cards from fraudulent usage?
Consider the following tips to keep your credit cards safe:
- Carry the customer support number of your credit card with you.
- Never share your credit card PIN with anyone else.
- Never save your credit card details on websites.
- Always use credit cards only on secure websites.
- Always double-check receipts to ensure costs are accurate.
- Do not use all credit cards simultaneously.
- Establish reputable antivirus protection software on your devices
- Create unique PINs on every card.
- Avoid any transaction that is to be carried online from public computing systems.
Common reasons for blocking a credit card
1. Fraud or theft: When your card is lost, stolen, or used fraudulently, you can quickly stop further fraudulent transactions by locking the card immediately.
2. Over-expenditure: Some consumers will block their cards, temporarily or permanently, with an intention to curb the tendencies of reckless spending and develop good money management.
3. Financial crisis: Blocking the card when one is in a financial crunch will ensure you do not incur extra debts and instead use alternative methods of making payments.
How to block credit cards permanently?
The most popular ways through which you can block your credit card are as under:
1. Talk to customer support: Call the customer service number of your card issuing bank. On verifying your identity, the representative will immediately block your card.
2. Send a SMS: You can block credit cards through SMS with a few banks. To avail the facility, make sure that you use the mobile number, which you had registered at the time of opening of account.
3. Net banking: Log in to your account, click on the credit card section, and select “Block Credit Card.” Some places even allow temporary blocks using this method.
4. Mobile app: Most banks offer mobile apps to manage accounts. Blocking your card through the app is usually a very short process and similar to doing it through Net banking.
5. Visit a bank branch: If you want to deal in person, then visit your bank branch and fill in the blocking form or make a written request.
In conclusion, permanently block a credit card: such an easy and yet indispensable step to ensure that all your money will not come to waste if the credit card is lost, stolen or misused. Stop fraudulent transactions: respond in-time. Settle outstanding balance before proceeding: be it at the mobile application, website, customer support line, or a branch of your respective bank. Finally, validate the debit process with your bank to save you from troubles and further ensure your financial security.
(Note: Using a credit card carries its own set of risks)
