Outlook Money
Young people who use credit cards, along with new users, need to handle these financial products with additional care in order to stay financially safe and sound.
Credit cards are an asset that is meant to help the holders; if they fall into the wrong hands, the holder may have to pay for the shortcomings of not being too careful.
Make sure that the PIN remains unknown to most people. Protect all your online login credentials and passwords from people and avoid saving them on your devices as well.
Restricting your credit card limit allows you to maintain a healthy credit balance while also making sure you aren't completely reliant on credit cards. Most credit card companies offer the ability to set a limit on their apps to stop this from happening.
Reviewing and understanding your credit card statements on a frequent basis helps you be mindful of your expenses and how you manage credit.
Tokenisation protects credit card information through a replacement system that assigns unique codes to secure data from unauthorised access. Online transactions stay secure through tokenisation.
Your issuer needs to receive immediate notification if or when your card gets lost or stolen. You can block your card through the credit card app or also connect with your issuer company's agent.
Caution is necessary to prevent fraud, control spending, protect personal data, avoid debt traps, and build a strong credit profile for long-term financial security and independence.