Home Finance Top Benefits and Tips of owning a Credit Card

Top Benefits and Tips of owning a Credit Card

benefits of credit card

Credit cards are one of the most useful financial resources one can use, particularly when used responsibly, to help control their finances and restore their credit history.

These cards may come in a variety of forms, including MasterCard , VISA, American Express, Dinners Club and their providers, including banks such as ABSA, FNB, Nedbank and Standard Bank, just to mention a few.

These credit providers will place a credit limit on the card that is determined by factors that include your credit profile.

Using a credit card gives you great advantages but at the same time involves self-discipline, meaning you have to know when to say no to yourself when you want to make frivolous purchases.

Millions of credit card holders around the world are wrestling with the notion of refusing to spend money that they don’t have in most situations, and as a result, many of them are being adversely impacted by blacklisting, etc.

When you have a credit card, you have to make wise choices not to use it recklessly for expenses when you don’t have cash in hand, but rather to use it to make planned purchases.

After using your card, you must ensure that your credit card payments are made even before you receive your credit card statements, and that your credit provider will increase your credit limit on an ongoing basis.

Some Tips that will help you when you use your Credit Card

  • Use your credit card when you are making budgeted purchases that you are able to repay.
  • Learn to practice discipline when you use your card.
  • Check your credit card statements so you can monitor how you are using your card.
  • Pay your card balances in full if you can.

How to protect your Credit Card information from being stolen

In today’s digital world , most people have got their personal credit card information stolen right under their noses without noticing it, and they usually find out that they are victims of credit card theft when they begin to see fraudulent credit card charges.

How hackers steal your Credit Card Information

There are a number of ways in which thieves can steal your credit card information, and sometimes it’s not even taken directly from you. Here we’re going to list some of the popular ways that hackers use to steal your vital credit card information:

Through installing malware or viruses on your gadgets

With tech gadgets, you need to check if there are suspicious malware or viruses installed on your tablet , smartphone or computer that hackers can use to extract vital credit card information when trading online.

Online hackers have become so sophisticated that they can design and install malware or viruses, such as public Wi-Fi hotspots, which can trick people into installing their malware as a software update.

When these malware or viruses are installed, they are able to send the inputs to the hacker screenshots and the keypad that they will use later to defraud you.

Cloning your Credit Card

Card cloning is one of the most popular forms of credit card and this happens everywhere. You could be making purchases at a petrol station, restaurant or store, it really doesn’t matter it can happen anywhere.

This form of credit card fraud occurs when a person using a swipe card machine takes your card and uses a duplicate card to extract information from your card.

This whole process can happen in a matter of seconds without even noticing it. When you use your credit card to pay for your purchases, make sure you don’t leave it with the attendant, but ask for it back as soon as they use it.

Asking you to verify your login details

Most of us have seen emails sent to our inbox purporting to be from a bank asking us to verify our information by logging in to our online banking, and if you happen to be use that link they will gain access to your information.

Hackers have become so sophisticated that they replicate the official banking logos and forms that are lawful for the average person, and when you fill out your personal details, they will collect your online login details and defraud you of all your money.

How do I protect my Credit Card Information?

Knowing the different ways that credit card scammers use to extract your personal information will help you protect yourself from being a victim.

If you have lost your card or are suspecting of being a target of credit card fraud, you simply need to get in touch with your credit provider and have it blocked as soon as possible.