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What not to do with your Credit Card

It is important that you keep control over your credit card. The following tips may assist in doing just that:

Avoid withdrawing cash from ATMs or over the counter using your credit card as this can attract cash advance fees. At the very least, check with your issuer to understand what fees and charges are involved before considering it.

Do not ever let your credit card out of your sight when paying for goods or services. In addition, do not ever let anyone swipe your card twice before providing you with proof the first transaction was cancelled.

Never give your credit card details out over the phone unless you initiated the call and are aware of exactly who is on the other end of the phone line. You never provide details if you have received the phone call, regardless of the company or person that is calling. Always call them back using the company or persons official telephone number and not one that is given to you over the phone. This way you can avoid being scammed.

Never email your credit card details to anyone. It is not a secure form of communication by any means.

Never fax your credit card details to anyone. This is due to the fact that you can never be aware of who is looking at, or copying down, details on the fax. If the fax is later disposed of, without being destroyed, your credit card details could end up being viewed in the rubbish by just about anyone.

Do not use your credit card to pay for transactions online using the computers at a Cyber Cafe or internet booth. Operators can, with the right software, capture all keystrokes and details through these computers. You may also have someone looking over your shoulder. In addition, never pay for a transaction online on an unsecure site (no padlock in the browser window) or with a company you do not know or trust.

Do not keep expired credit cards. Always destroy them immediately upon expiration.

Do not pay your annual fee before at least requesting that it be waived by your bank or card issuer.

Always pay your credit card on time to avoid late fees.

Avoid spending more than you can afford. Whilst it is nice and convenient to have a line of credit, it can and will catch up with you if you get in over your head.

It is also advisable to consider switching credit cards if the one you use now has a high rate of interest and you do not pay off the balance each month. Be sure to check out some low interest credit cards to compare how your current card stacks up. You may also be able to get an excellent balance transfer rate from a different bank to make the switch even better for you.


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