Credit Card Quick

Why Your Credit Card Company may Decline your Credit Card Purchase

Introduction

Although we all know the biggest two reasons our credit card purchases are declined (we are over the limit or we failed to pay our bill), there may be a few other reasons why your credit card company rejected your credit card purchase.

In short, your credit card company may reject your purchase if they notice anything out of the ordinary about your shopping habits. Here’s what you may need to know:

• Shopping at places you don’t normally shop – For example, if you often shop at a particular drug store, but then switch things up and shop at another one, it may raise a red flag with your credit card company.
• Shopping like a speed demon – If you make several purchases in a short amount of time, this may also raise a red flag with your credit card company. For example, if you make a purchase at your local grocery store, then realize you forgot something and head back in to make another purchase, it may seem odd to your credit card company. Sure, just two purchases probably wouldn’t cause problems, but if you do this a number of times, it certainly will.
• Purchase something really small, and then something really big – Many credit card thieves will make a very small purchase to “test the waters,” so to speak. And then, once they see the credit card is active, they will make a large purchase. Therefore, be careful about purchasing a pack of gum and then immediately purchasing a flat-screen television, for example.
• Shopping far away from home – If you head out on a holiday excursion and use your credit card, your credit card company may be alerted to unusual activity and block your card until they can verify you are, in fact, traveling. It is always best to alert your credit card company before traveling.
• Purchasing things in different areas on the same day – For example, if you fly to Florida, stay there for a layover, and purchase a few things at the airport, only to continue your travel to California and purchase items there, on the same day, your credit card company may find these purchases, in states very far from each other, to be unusual.

You Don’t Have to become the Next Identity Theft Victim

Identity Theft

Identity theft has grown by leaps and bounds on a national and international level over the last, few years and, by the looks of it, 2011 may be just as challenging for individuals trying to protect their identity and their credit.

You don’t need to stand idly and helplessly by, however, as there are a number of things you can do to reduce the likelihood that 2011 will be the year your identity is stolen and your credit is ruined. Here’s what to do:

• One of the most common types of scams involves “phishing,” which is essentially thieves who fish for your confidential, personal information and credit card account information. Phishing works when a thief sends an email to you that appears to be an email from your credit card company or bank. These phishing emails usually are warnings that there is something wrong with your account; a problem that needs immediate attention.  The email will encourage you to click on a link that will supposedly take you to the institution’s website, but will instead take you to a phony website. The website will then encourage you to enter your personal information to verify your account. It is then that the thief captures your confidential information, which is then used to access your good credit.

Your best bet is to never, ever respond or open a warning email that claims to be from your bank or credit card company. If there are any problems with your account, you can be assured your institution won’t contact you through email. If in doubt, delete the email and immediately contact your bank or credit card company.

• Because many scam artists are quite good at what they do, they have been known to fool people using fake websites. Therefore, it is always best to type in the web address of your favorite websites instead of simply Googling them before making a credit card purchase. Also, be aware that all security safeguards are in place before making any credit card purchase or entering any personal information via the Internet. And never make any credit card purchases unless your anti-virus/firewall protection is up to date and active!

How to Protect yourself from Credit Card Thieves this Holiday Season

Identity Theft

‘Tis the season…to have credit card thieves steal you blind.

Sure, that sounds a bit pessimistic, but the reality is that credit card thieves are banking on the fact that you’ll let your guard down long enough for them to swoop in and steal your credit card numbers during the holiday season. Here’s how to stop them:

• Check out website security – Online shopping is certainly convenient and practical, but entering your credit card information over the World Wide Web can leave you financially vulnerable. If you want to take advantage of the great online holiday deals, remember to check your computer’s security, as well as the website’s security. Make sure your browser is secure by checking for the locked padlock sign near the address bar and by looking for the address to start with “https” instead of “http.” In addition, don’t shop from a website if you are not familiar with them; or, if you aren’t familiar with a website, take the time to read online reviews from other customers.
• Keep extra credit cards at home and take only what you need – When you’re in the midst of the holiday hustle and bustle, you may be vulnerable to pick pockets or purse snatchers. In order to decrease your chances of becoming a victim, carry only what you need. Remove most of the cash from your purse or wallet and carry only those credit cards that you plan on using during that shopping trip. The less you have in your purse or wallet, the less you will lose if you fall victim to a thief.
• Shop with one credit card – Complete your holiday shopping with just one credit card with a competitive, fixed interest rate. If you use just one card, you can better track your spending and charges, thereby allowing you to eliminate confusion between cards or billing mistakes from escaping your attention.
• Check credit card activity online and look for errors – Take advantage of your credit card’s website to check the activity of a card on a weekly (or even daily) basis during the holiday season. If you spot errors, you can deal with them immediately, instead of waiting to receive your monthly statement.

The Top Five Tips for Protecting yourself from Credit Card Thieves

Identity Theft

There are many sneaky routes credit card thieves are taking to steal our credit card numbers and go on a shopping spree. However, there are just as many credit card thieves that are merely looking for a good opportunity. In other words, let your guard down and you can be sure that a credit card thief will be waiting to pounce.

The fact of the matter is that most credit card thefts are crimes of opportunity. This means that, as a consumer, you need to do what you can to not give a credit card thief the opportunity to take your credit card or personal information and run.

Here’s what you need to know:

1. When shopping online, stick to trusted sites. If you are unsure about the online company or if you simply don’t know anything about them, it is probably a wise idea to steer clear of purchasing from them.
2. Speaking of online shopping, make sure you check and double-check your antivirus and firewall software, as well as the site’s security certification. Remember: all of these things need to be in place in order to be fully protected from online thieves.
3. If you do a lot of online shopping, consider devoting just one credit card to your online purchases, thereby making it easier to track your purchases and prevent unauthorized charges from slipping past you.
4. Keep your credit card in sight, especially in unknown areas or at unfamiliar retailers. Many thieves will use small devices, called skimmers, to catch your credit card information after you hand over your credit card for a purchase. Beware of a retailer who walks away with your credit card to complete your transaction.
5. Don’t just skim over your credit card bills. Instead, take the time to thoroughly check all charges. Many credit card thieves charge multiple, inexpensive items in an effort to go unnoticed, so make sure even the smallest charges on your credit card are accounted for.

International Credit Card Scam Busted by the Federal Trade Commission

Card Security

The Federal Trade Commission has once again thwarted a multi-million-dollar, international credit card scam.

This long-running international credit card scam was estimated to have net more than $10 million; but the interesting part is that credit card customers were charged no more than $10 in fake credit card charges, thereby allowing the thieves to get away with the scam for such a long period of time.

For four years the perpetrators charged unsuspecting credit card customers small amounts on their credit card and debit cards. It is still unclear how the thieves got the credit card customers, but the FTC thinks that they may have even gone as far as done credit checks on their victims to make sure the credit cards were legitimate.

This scam, along with the countless scams being busted nearly every day by the FTC, is a clear example of the extent to which credit card thieves will go to steal money. It is also a good time to alert credit card customers to these credit card scams so that we can all be more aware of our credit cards and how we can protect ourselves:

• Check your statement carefully, each and every month. Many of us get into the habit of paying our credit card bills each month and we don’t even take the time to really examine our statement. However, this case is a perfect example of ripping credit card customers off because they simply didn’t take the time to carefully read the charges on their statement.
• Understand credit card scams so that you can be better equipped to fight them. Credit card thieves, unfortunately, are staying one step ahead of the FTC and other cyber-crime-fighting organizations, so it is best to understand the lengths at which thieves will go to bilk people out of millions of dollars.
• Keep your receipts so you can compare them with your credit card statement each month. You may be charged a few dollars extra by a company and not even be aware of it unless you check the amount carefully against your receipt.

Before you Start your Holiday Shopping, Read this!

Introduction

The holidays are upon once again and the question is: are you prepared?  Sure, you think. I’ve made my list and checked it twice. But is there more to planning your holiday shopping than just making a list?

If you want to keep your credit card spending in check, and keep credit card thieves in check, then you bet.

There are plenty of things you need to keep in mind before you head out the door to get your holiday shopping started:

• Make a budget and stick to it. The holiday season, in particular, is one time of the year when overspending and impulsive purchases are common. There are plenty of deals, sales and specials that are there to great you around every corner, so having a budget – and sticking to it – is crucial for keeping your credit card bills to a minimum. Without a budget you may be tempted to get carried away with purchases and, before you know it, you have spent more money than you can reasonably and realistically pay back.
• Keep you credit card close at hand. The holiday season is a prime season for credit card thieves, as stores are packed and consumers’ defenses are down. In particular, keep your credit cards secure in a purse or wallet, and make sure they are not easily accessible to a pick-pocket. Avoid using backpack-style purses, as these are often quite easy for a thief to gain access to, even while it’s on your back! And if you carry your wallet in your back pocket, consider moving it to a front pocket instead. In addition, be cautious of any retailer that needs to take your card out of your sight to complete a transaction, as this can often indicate a card skimming scheme.
• Be cautious about using retail credit cards. Sure, they may seem tempting, and can be opened and used within a matter of minutes, but think twice before using a store credit card. Often times, they come with hefty fees and even heftier interest rates, so steer clear of them, when possible, and instead use your fixed, low-interest credit card.

How to Prepare for a Lost or Stolen Credit Card

Identity Theft

If your credit card was lost or stolen tomorrow, would you know what to do?

Quick: what is the name of your credit card company and what is their contact information?

If you don’t know the answer to this question, you’re not alone. Many consumers simply don’t know who to call or what to do if their credit card was lost or stolen. And, unfortunately, not having this information on hand can end up costing you much more than a credit card.

Here are the steps to take if you simply can’t locate your credit card:

1. Before you find yourself with a lost or stolen credit card, keep a list of all your credit cards, along with their numbers and contact information, in a safe place so that you have a reference to turn to.
2. Take a deep breath and try to remember the last time you used your credit card and where you used it. Often times, we may misplace our card during a particularly hectic day and end up panicking when we can’t find it.
3. If you have checked your home, your car and your personal property thoroughly and you are convinced that the card has either been lost or stolen, you will need to take immediate action and contact your credit card company. You must report your credit card missing or stolen so that you won’t be held responsible for all of the charges placed on your card.
4. Get in the habit of carrying only one card with you at any given time to reduce the damage done by a credit card thief. If you are the victim of a pickpocket or mugging, you won’t have to deal with reporting multiple cards.
5. Remain knowledgeable and know that credit card thieves may be able to steal your credit card information, even without stealing the card itself. Keep your credit card close at hand while shopping and only shop on trusted websites with secure servers.
6. Check your credit report on an annual or semi-annual basis so that you can check for anything out of the ordinary on your credit report.

Fighting Credit Card Fraud: What you need to Know

Identity Theft

A sobering fact in today’s technology-driven society is that fraud – particularly credit card fraud – is an increasingly serious problem that many of us will fall victim to at one point or another.

From stealing your credit numbers to your identity, credit card thieves are craftier than ever, which can cost you big.

The following are the most frequent types of credit card fraud, and what you can do to prevent it:

Skimming –

• What is it – Skimming is a fairly new type of credit card fraud that happens when you hand your credit card over to make a purchase. The thief takes your credit card and, in a matter of seconds, steals your credit card numbers using a small, handheld device called a “skimmer.”
• What you can do – Pay close attention to anyone that takes your card for a purchase, particularly those individuals that must walk away in order to complete your transaction.

Phishing –

• What it is – Phishing is credit card fraud that happens via email. Phishing are usually bulk emails that are sent to consumers. These emails, which usually disguise themselves as the individual’s bank or credit card company, ask consumers to provide their personal information. They may appear to be legitimate, even possessing the company’s logo or replicating the company’s web site.
• What you can do – Never, ever respond to an unsolicited email requesting your personal information. Banks and credit card companies will never ask for your personal information via an email message. If in doubt, contact your credit card company or bank directly to inquire about the validity of the email. In addition, make sure you type your bank’s address so that you aren’t re-routed to a fake website who can gain access to your credit card number or other personal information.

It is important to understand that, although credit card thieves are finding new ways to steal consumers’ identities every day, you can protect yourself by never responding to emails, by never providing your personal credit card information to anyone over the phone unless you have initiated the call, and by always paying close attention whenever you pass off your credit card to anyone.