- Always check your statement. Credit card fraud is on the increase, and if you don't spot a rogue transaction you will end up paying for someone else's purchase. This won't happen if you report it to the card company, because the disputed transaction must be removed from your account while it is investigated - and the onus is on the card company to prove it was your transaction, rather than you to prove it wasn't. A rogue transaction is as likely to be an unauthorized payment to an organisation you have already paid, as a payment to an unknown destination.
- Hold on to your credit card receipts at least until the transactions have appeared on your monthly statement. This makes it possible to check any payments you don't recognize. Bear in mind that if you query what appears to be a rogue transaction and it turns out that it was yours after all, you may face a charge of up to £10 for the inconvenience to your card issuer. If you use the card to make major purchases, it's a good idea to keep the slips indefinitely.
- Always stay within your credit limit. If you go over it, your card may be refused. You could face a charge of between £10 and £20 each time you exceed your limit. If you are getting dangerously close to your limit, ask the card issuer to increase it. Or cut back on your spending.
- Pay your bill on time to avoid a late-payment charge of up to £25. This type of charge may also be levied if you pay your bill on time but the payment subsequently bounces. To make sure that you pay by the due date, consider paying by direct debit. All card issuers let you pay the required minimum amount each month, and all but a handful let you pay the full amount, by direct debit.
- If you run a debt on your card, keep an eye on the interest rate you are paying. If you have had the card for a year or more, it's likely that you could save on your interest bill by transferring the debt to a different card to take advantage of attractive rates for new customers. Look for these rates in the personal finance pages of the weekend press or on the Internet.
- Keep copies of any letters cancelling standing arrangements made via your credit card (subscriptions, for instance), so that you can prove to the credit card company that you cancelled, should they continue make payment.
|
|
 |
|
