PROTECT YOUR CREDIT CARD

By Jodie Mirosovsky, Home Economist
TEAM Resources

When seasons change and catalogues begin to arrive many of us get in the mood to SHOP! For me it starts when the first Christmas Wish Book appears! For many Canadian shoppers it also means the increased use of credit cards.

With credit card theft on the increase, The Canadian Bankers Association has listed 10 ways to protect yourself.

1. Never leave your cards unattended at work. There are more credit card thefts in the workplace than in any other single location.
2. If your credit card is programmed to access an Automated Banking Machine (ABM), protect your Personal Identification Number (PIN) or security code. Don't write it down, memorize it.
3. Don't leave your credit cards in your vehicle. A very high proportion of credit cards are stolen from motor vehicles.
4. Always check your card when returned to you after a purchase. Make sure it is your card.
5. When traveling, carry your cards with you or make sure they are in a secure location.
6. Report lost or stolen cards immediately. Most fraudulent use of cards takes place within days of their being lost or stolen.
7. Sign the back of a new card as soon as you get it. Destroy unwanted cards so no one else can use them.
8. Make a list of all your cards and their numbers, and store in a secured place like a home vault or safety deposit box.
9. Always check your monthly statements carefully to make sure that all of the charges are yours.
10. Never give your card number over the phone unless you are dealing with a reputable company. The only time that you should give it is when you have called to place an order.

Treat credit cards like cash. It is so easy to overextend your credit cards, and think, we will deal with it when the bill comes due. Unfortunately, the problem does not go away and we end up paying high interest charges!

When making a purchase, ask yourself if you would still buy the item if you were paying in cash? When you can not pay off your monthly statements in full it is time to change your spending habits.