Keeping your credit card safe
Here’s a common concern in this crazy online shopping world of ours – keeping your student credit card out of the wrong hands. While this paranoia shouldn’t prevent you from responsibly owning a credit card and building a solid line of credit, you should take measures to ensure that you don’t get a call from your bank one day asking about suspicious purchases in Timbuktu.
Here are some ways to stay safe:
1. Go paperless. If your credit card company offers paperless billing, do it. Not only is it safe and convenient, you avoid the threat of “dumpster divers,” people who scour through your trash looking for old statements you have thrown away.
2. Look for the seal. Always check to make sure the website from which you’re making a purchase is safe and secure. If you don’t feel comfortable buying off a certain website, you should look for the product elsewhere. If you are using a credit card to buy something from a private person, use an intermediary such as Paypal.
3. Close accounts you don’t plan to use. There is no reason to have three credit cards open if you only plan to use two. If you have an extra card that you don’t need or use, cut it up and close the account. DO NOT stash it away in your dorm room.
4. Use your credit card only for emergencies. The easiest way to avoid many of the problems associated with credit cards it to simply use it only when necessary. Keep a credit card around only for sudden major purchases (medical bills, immediate transportation costs) and you should stay safe.
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Regarding point 3, I've always been advised against closing credit card accounts, as it negatively affects your credit score even if the accounts have always been in good staning. I'd think it would be better to cut up the cards you don't intend to use, but keep the account and monitor it periodically for fraud.
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