Banking Safety: Make use of credit card usage controls

Banks in India have now rolled out a feature to let customers control the usage of their credit card. This is an amazing feature which I had also proposed in few earlier posts. If you've not taken a closer look at this feature yet, do it now.

Why we should care about these controls?
You may have a credit card limit of say 1 lakh on your card. But you don't need that much every day/every month. If anyone steals your card they will make an attempt to charge as much as possible. If your regular usage is only about 20000 INR a month, you can reduce the card limit yourself to INR 20000. This way, even if your card is compromised, max loss is 20000, not 1 lakh.

If you accidentally use credit card instead of debit card to withdraw money from ATM, you will be charged a fee. To avoid this, you can disable ATM cash withdrawal on your credit card.

You may never have a need to use your card for international transactions. You can temporarily disable this type of usage to avoid any risk of international fraudsters misusing your card info.

How to set these limits/controls?
Login to internet banking, go to credit card section and look for screens like above.
Click on Edit and make changes, an OTP will be sent to your registered mobile number. Enter the same and you are done.

The changes are instant, so no waiting. If you need a specific feature, you've to login again, make changes and then use.

Things to remember: Some automatic processing (like an international domain name renewal) may fail if you forget to enable it. Or if you don't have access to internet or unable to receive OTP then you will be stuck with existing settings.

2 comments:

Appreciate your efforts and interests to comment. Comments may be moderated due to increased spam. Will ideally respond to comments within few days.Use Anonymous option if you don't wish to leave your name/ID behind- Shrinidhi

Powered by Blogger.