The number of credit card users in India is rising significantly. Not only the number but usage of credit cards is also increasing rapidly. With the increasing use, cases of fraud in credit card transactions have also increased. To curb such incidents, RBI has taken several steps. Besides Central Bank efforts, we should also be careful on our own. Today we are sharing 5 safety tips that you can follow to make your credit card usage safe.
Deactivate NFC transactions:
Contactless transactions are now available on most credit and debit cards. Using the NFC system you can pay just by tapping your card. This facility enables the processing of transactions below Rs 5000 without entering a PIN. It can be dangerous at times if your card falls into the wrong hand. You can avoid this potential loss by turning off the contactless transaction feature or lowering its limit further.
Set a limit manually:
It is not necessary that you use the full credit limit provided by the bank. If your credit limit is Rs 2 lakh, but you only spent 50 thousand on average, then you can set a lower limit. This will ensure that above that amount transactions will be blocked automatically. You can then increase your card limit again with a single click whenever you want.
Also read: What You Need To Know About Credit Cards
Set POS limit:
A credit card user can set the transaction limit at the Point of Sale (POS) as per the requirement. If you do not normally use the card for transactions above Rs 10000, then you can set a limit for POS transactions. This will ensure the safety of your money even if the card is stolen or lost.
Block international transactions:
If you are not a frequent international traveller, you can opt to turn off international transactions, which you can enable when needed. This will protect you from falling into any international fraud. It is advisable to limit or deactivate any international e-commerce or online transactions as most of the international online transactions are usually processed without OTP.
Avoid cash withdrawal at ATMs:
A cash withdrawal facility is also available on credit card. But the interest is calculated on it from the day you withdraw the cash. It is advised not to use a credit card for cash withdrawal unless you are in an emergency. Stopping cash transactions on credit will save you from paying exorbitant interest.
Read more: 8 Reasons To Use Credit Cards