Do you use your credit card for online purchases? Of course you do. We know it’s not safe and places your credit card at risk of fraud, but what choice do you have?
Credit card security and how to protect yourself.
At least 2 credit cards
I recently received a call from the security department of my bank. My credit card had been used for an expensive hotel booking online.
I have no idea how my bank knew this was a suspicious transaction, but I’m very grateful that they checked with me. The card was cancelled immediately.
My policy has always been to have two credit cards.
One is used for online purchases only and has a $500 limit.
My bank once increased my limit automatically, only to receive a very stern letter from me to keep it to a $500 limit unless otherwise instructed. (These directions need to be put in writing so that they remain on your file.)
Credit card security is something to take seriously.
My second credit card is never used for any online purchases.
It’s the one I use for all other transactions.
By the way, it’s also linked to Qantas to gain points every time I use it. That saves a significant amount when I want to travel.
Or you can link your card to another system to gain award points of your choice.
I strongly recommend you get a separate credit card with a low limit for your online use.
For more tips and suggestions on managing your financial security, contact me directly to arrange a convenient appointment time.
I’d love to know what you think of what I’ve said here.
You can give me your feedback, ask a question by email or post a comment below.
If you or someone you know would like a personal consultation, please call +61 439 969 081.
Any information presented on our website is of a general nature only and is not intended as a substitute for professional advice.
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