Securing Your Credit or Debit Card from Theft This Holiday Shopping Season

This holiday season it’s important to be aware of your finances, including your credit and debit card. With thieves lurking, it’s important to protect the thing most important to you — your wallet.
Ok so we all know that sometimes losing your credit card either accidentally or through theft happens but how do you avoid becoming a victim of stolen plastic cards especially during the holiday season? Studies have shown that credit and debit card theft surges by approximately 19 percent during this time of the year, which means you will have to be extra alert in order to be able to hold onto your card safely or at least suffer minimal repercussions if you actually end up becoming a victim. Firstly, it’s important to know that according to the law people who lose their credit cards get charged a liability of not more than $50, which is aimed at preventing consumers from being held liable for expenses incurred on their cards by unauthorized third parties.
However people with debit cards are relatively not very protected by the law. It’s true that they will be held liable for nothing more than $50 if they get into contact with their banks to report the stolen card within two business days but this amount surges to an unbelievable $500 when banks are not alerted within that period. Debit card holders who fail to report theft of their cards stand the risk of being held liable for the maximum amount spent on their cards by unauthorized third parties if the card loss is not reported within 60 days.
So the golden rule is to get into contact with your bank as soon as you realize that your credit or debit card has been stolen while filing a police report in addition gives credence to your case and may make investigations smoother. However don’t forget that taking this step doesn’t protect you entirely from some of the disadvantages that come with being a victim of plastic card theft. Firstly, just because you have informed the bank of your stolen card doesn’t mean it will get replaced overnight and restore your access to money. Various inquiries will be conducted into your claims and until that is concluded; you will have to live without the use of a plastic card. This means you may have problems paying your bills and other necessities in life if you don’t have enough savings until your card gets replaced and that could result in major problems with access to important elements in your life.
Another thing to keep in mind is that getting your card replaced after theft comes with charges that cost from $5-$20 depending on how quick you want access to your card.
Latest Other Card News

A student loan refinancing typically involves taking out a new loan to pay off your existing debt. Refinancing student loans can potentially lower your interest rate, fees, or/and allow you to get better repayment terms, helping you save money. However, it is important to consider whether your loan is private or federal and what benefits […]

2020 has definitely been a very unusual and challenging year. Many of us have been waiting for its end more than ever. And now, when there is less than a week left until the beginning of the new year, it’s time to sum up the outgoing one and find out the results of the annual […]

Walmart is finally ready to introduce a new subscription service offering free same-day delivery and fuel discount. Walmart+ was supposed to go live back in July, however, it was delayed due to the COVID-19 outbreak. Now the launch is planned to take place on September 15. The new product will help you order any goods […]

This month, American Express introduced its new tool called MyCredit Guide. The Amex website says: “We believe everyone should know their credit score and have the tools to understand it better.” That’s why the new feature was developed. Using the tool, you can find out your credit score and take a look at your credit report, […]

A virtual credit card is a unique credit card number that is linked to your main credit card account but is different from the physical card number. The virtual credit card number allows to shop online or over the phone without using your physical credit card. The numbers can usually be used once and expire if not used. The cardholders can also delete the numbers if they want or need to.