AMHERST, Mass. — They call it the “Johnny Carson attack,” for his comic pose as a psychic divining the contents of an envelope.
Tom Heydt-Benjamin tapped an envelope against a black plastic box connected to his computer. Within moments, the screen showed a garbled string of characters that included this: fu/kevine, along with some numbers.
Mr. Heydt-Benjamin then ripped open the envelope. Inside was a credit card, fresh from the issuing bank. The card bore the name of Kevin E. Fu, a computer science professor at the University of Massachusetts, Amherst, who was standing nearby. The card number and expiration date matched those numbers on the screen.
The demonstration revealed potential security and privacy holes in a new generation of credit cards — cards whose data is relayed by radio waves without need of a signature or physical swiping through a machine. Tens of millions of the cards have been issued, and equipment for their use is showing up at a growing number of locations, including CVS pharmacies, McDonald’s restaurants and many movie theaters.
The card companies have implied through their marketing that the data is encrypted to make sure that a digital eavesdropper cannot get any intelligible information. American Express has said its cards incorporate “128-bit encryption,” and J. P. Morgan Chase has said that its cards, which it calls Blink, use “the highest level of encryption allowed by the U.S. government.”
But in tests on 20 cards from Visa, MasterCard and American Express, the researchers here found that the cardholder’s name and other data was being transmitted without encryption and in plain text. They could skim and store the information from a card with a device the size of a couple of paperback books, which they cobbled together from readily available computer and radio components for $150.
They say they could probably make another one even smaller and cheaper: about the size of a pack of gum for less than $50.
And because the cards can be read even through a wallet or an item of clothing, the security of the information, the researchers say, is startlingly weak. “Would you be comfortable wearing your name, your credit card number and your card expiration date on your T-shirt?” Mr. Heydt-Benjamin, a graduate student, asked.
Companies that make and issue the cards argue that what looks shocking in the lab could not lead to widespread abuse in the real world, and that additional data protection and antifraud measures in the payment system protect consumers from end to end.
“This is an interesting technical exercise,” said Brian Triplett, senior vice president for emerging-product development for Visa, “but as a real threat to a consumer — that threat really doesn’t exist.”
The finding comes at a time of strong suspicion among privacy advocates and consumer groups about the security of the underlying technology, called radio frequency identification, or RFID. Though the systems are designed to allow a card to be read only in close proximity, researchers have found that they can extend the distance.
The actual distance is still a matter of debate, but the claims range from several inches to many feet. And even the shortest distance could allow a would-be card skimmer to mill about in a crowded place and pull data from the wallets of passersby, or to collect data from envelopes sitting in mailboxes.
“No one’s going to look at me funny if I walk down the street and put a flier in everybody’s mailbox,” Mr. Heydt-Benjamin said.
The experiment was conducted by researchers here working with RSA Labs, a part of EMC, an information management and storage company. The resulting paper, which has been submitted to a computer security conference, is the first fruit of a new consortium of industry and academic researchers financed by the National Science Foundation to study RFID.
Security experts who were not involved in the research have praised the paper, and said that they were startled by the findings. Aviel D. Rubin, a professor of computer security at Johns Hopkins University, said, “There is a certain amount of privacy that consumers expect, and I believe that credit card companies have crossed the line.”
The companies, however, argue that testing just 20 cards does not provide an accurate picture of the card market, which generally uses higher security standards than the cards that were tested. “It’s a small sample,” said Art Kranzley, an executive with MasterCard. “This is almost akin to somebody standing up in the theater and yelling, ‘Fire!’ because somebody lit a cigarette.”
Chips like those used by the credit card companies can encrypt the data they send, but that can slow down transactions and make building and maintaining the payment networks more expensive. Other systems, including the Speedpass keychain device offered by Exxon Mobil, encrypt the transmission — though Exxon came under fire for using encryption that experts said was weak.
Though information on the cards may be transmitted in plain text, the company representatives argued, the process of making purchases with the cards involves verification procedures based on powerful encryption that make each transaction unique. Most cards, they said, actually transmit a dummy number that does not match the number embossed on the card, and that number can be used only in connection with the verification “token,” or a small bit of code, that is encrypted before being sent.
“It’s basically useless information,” said David Bonalle, vice president and general manager for advanced payments at American Express. “You can’t steal that data and just play it back and expect that transaction to work.”
While the researchers found that these claims were true for some of the cards they tested, other cards gave up the actual credit card number and did not use a token or change data from one transaction to another. They also took data in from some cards and transmitted it to a card-reader in the lab and tricked it into accepting the transaction. Mr. Heydt-Benjamin, in fact, was able to purchase electronic equipment online using a number skimmed from a card he ordered for himself and which was sealed in an envelope.
http://www.nytimes.com/2006/10/23/business/23card.html
Friday, November 16, 2007
Choosing a Credit Card
When choosing the best credit card for you, in addition to being approved, it's important that the card is tailored to your individual financial needs and objectives with low interest rates. The following information will help you decide what to look for:
Questions And Answers
1. Do you anticipate any large purchases in the next year (i.e., appliances, furniture, etc.)?
If you answered yes to this question, you will require a high credit limit/low interest rate credit card. Although this may seem obvious to some, not all people need these things. You might want to consider getting a card with rewards attached to something you are interested in, such as an airline miles card.
2. How long will you anticipate keeping the principal of a purchase on your card?
You will need a low interest rate if you answered more than 3 months on this question. Don't be discouraged by a low credit limit, however, as you'll save money with a low interest rate.
3. Do you want to pay your entire balance every month?
If you want to pay your entire balance every month, you should consider finding a 0% credit card. For example, as long as you pay your bill promptly and in its entirety every month, credit cards such as American Express won't charge you interest.
4. Are you planning to use this card for purchases over a short time period or do you intend to hold it for a long time?
If you plan on holding on to your credit card for along time, you should look for a card that has a moderate credit limit and a low interest rate. If you wish to use your credit card on a short-term basis only, a card that has an introductory 0% interest rate is best, coupled with a plan to pay off the balance by the end of the introductory term.
5. Do you currently have credit limits totaling more than 40% of your annual income or balances outstanding on those cards greater than 50% of the credit limit?
You may have some difficulty securing new credit cards if you answered yes to any part of this question. Part of your credit score is determined by the amount of credit you carry and the ratio of the balance outstanding to the credit limit. Even if you have paid on time, some banks are unwilling to grant additional credit. Therefore, regardless of how close you are to the acceptable credit rating, the best credit card for you may be a card specializing in bad credit.
http://www.new-credit-card-now.com/Choosing_a_Credit_Card.html
Questions And Answers
1. Do you anticipate any large purchases in the next year (i.e., appliances, furniture, etc.)?
If you answered yes to this question, you will require a high credit limit/low interest rate credit card. Although this may seem obvious to some, not all people need these things. You might want to consider getting a card with rewards attached to something you are interested in, such as an airline miles card.
2. How long will you anticipate keeping the principal of a purchase on your card?
You will need a low interest rate if you answered more than 3 months on this question. Don't be discouraged by a low credit limit, however, as you'll save money with a low interest rate.
3. Do you want to pay your entire balance every month?
If you want to pay your entire balance every month, you should consider finding a 0% credit card. For example, as long as you pay your bill promptly and in its entirety every month, credit cards such as American Express won't charge you interest.
4. Are you planning to use this card for purchases over a short time period or do you intend to hold it for a long time?
If you plan on holding on to your credit card for along time, you should look for a card that has a moderate credit limit and a low interest rate. If you wish to use your credit card on a short-term basis only, a card that has an introductory 0% interest rate is best, coupled with a plan to pay off the balance by the end of the introductory term.
5. Do you currently have credit limits totaling more than 40% of your annual income or balances outstanding on those cards greater than 50% of the credit limit?
You may have some difficulty securing new credit cards if you answered yes to any part of this question. Part of your credit score is determined by the amount of credit you carry and the ratio of the balance outstanding to the credit limit. Even if you have paid on time, some banks are unwilling to grant additional credit. Therefore, regardless of how close you are to the acceptable credit rating, the best credit card for you may be a card specializing in bad credit.
http://www.new-credit-card-now.com/Choosing_a_Credit_Card.html
How to Find the Best Low APR Credit Cards
Low APR credit cards are much more prevalent than in years past. Competition is stiff and credit card financial institutions offer many nice perks, rewards, points, low annual percentage rates (APR) and other inducements. They want to capture new customers who've never had a credit card but also those who already have a credit card and might like to save money by transferring that card's balance on to their new low APR credit cards.
Of course, there is nothing lower in an APR than zero - and those exist too, although sometimes for a limited time period. It may be that the lowest, or even the zero percentage APR is for an introductory period, after which the rate is higher. The permanent APR is what you want to watch out for, of course. Although if you're not opposed to doing a lot of switching, you can always purchase a low APR credit card, or zero percentage APR credit card, transfer the balance from your current high APR credit card, and then, once the introductory time period has expired and the APR is about to go up on your newest credit card, transfer the balance yet again to a brand new low APR credit card.
Let's look at a few of the low APR credit cards out there, so you know what kinds of options are typically available to you.
Citibank, for example, offers low APR credit cards that give you five percent cash back on any purchase you making at grocery stores and gas stations with your low APR credit card, and one percent back for any purchase elsewhere. The APR on transfers is zero for the first year. If your transfer transaction is at least $1500 you will earn $5 cash back with the low APR credit card. There is no annual fee and the APR after the first year is 12.24 percent.
Discover has a platinum clear card whose low APR is continual. The first year the APR is zero, but after the first year it's still a very competitive 9.99 percent. And there is no annual fee. With these low APR credit cards you earn a five percent cash back bonus on purchases made from hardware and home improvement retailers, restaurants, book vendors, and gas stations. If the retailer doesn't qualify you for the five percent discount you will always get one percent back no matter what you buy and from where with this low APR credit card.
Chase Bank offers low APR credit cards as well. Its zero percent APR is good for six months, after which you will pay 10.49 percent. These low APR credit cards have no annual fee, and offer rewards at the rate of one point for every dollar spent with your Chase card. You can get free airline flights and hotel rooms, as well as cruises and auto rentals. This card also provides $500,000 worth of travel insurance for worldwide vacationing. You can also take advantage of a fifteen percent discount off a Hertz car rental with these low APR credit cards.
http://www.informationsuperstore.net/pages/credit/
Of course, there is nothing lower in an APR than zero - and those exist too, although sometimes for a limited time period. It may be that the lowest, or even the zero percentage APR is for an introductory period, after which the rate is higher. The permanent APR is what you want to watch out for, of course. Although if you're not opposed to doing a lot of switching, you can always purchase a low APR credit card, or zero percentage APR credit card, transfer the balance from your current high APR credit card, and then, once the introductory time period has expired and the APR is about to go up on your newest credit card, transfer the balance yet again to a brand new low APR credit card.
Let's look at a few of the low APR credit cards out there, so you know what kinds of options are typically available to you.
Citibank, for example, offers low APR credit cards that give you five percent cash back on any purchase you making at grocery stores and gas stations with your low APR credit card, and one percent back for any purchase elsewhere. The APR on transfers is zero for the first year. If your transfer transaction is at least $1500 you will earn $5 cash back with the low APR credit card. There is no annual fee and the APR after the first year is 12.24 percent.
Discover has a platinum clear card whose low APR is continual. The first year the APR is zero, but after the first year it's still a very competitive 9.99 percent. And there is no annual fee. With these low APR credit cards you earn a five percent cash back bonus on purchases made from hardware and home improvement retailers, restaurants, book vendors, and gas stations. If the retailer doesn't qualify you for the five percent discount you will always get one percent back no matter what you buy and from where with this low APR credit card.
Chase Bank offers low APR credit cards as well. Its zero percent APR is good for six months, after which you will pay 10.49 percent. These low APR credit cards have no annual fee, and offer rewards at the rate of one point for every dollar spent with your Chase card. You can get free airline flights and hotel rooms, as well as cruises and auto rentals. This card also provides $500,000 worth of travel insurance for worldwide vacationing. You can also take advantage of a fifteen percent discount off a Hertz car rental with these low APR credit cards.
http://www.informationsuperstore.net/pages/credit/
Reviewing Credit Card Statements
One of the most important ways to keep track of your finances is to regularly review your statements. This is particularly the case with Credit Cards
Where it might be easy to forget what items have been purchased on it and how much you will be able to repay come the end of the month.
Each month it is important to check your statement thoroughly. Not only is this important as a way to keep track of your finances, it is a vital way to ensure that any instance of Credit Card fraud is discovered as early as possible and dealt with.
If errors do occur on the statement it is imperative that you contact the credit card company immediately to register the problem, as it could become difficult to rectify the problem once you have begun paying back what is owed.
The internet is now increasingly being used by savvy consumers to keep track of their finances and checking on credit card transactions is no exception to this.
Online security has become incredibly tight over recent years, making it much harder for hackers to gain access to financial details and giving consumers greater peace of mind when banking online.
Using the internet to keep a check on your Credit Cards spending means that you will not have to wait until the end of the month to see how much you need to repay, therefore allowing much greater control over your own finances. However, where using the internet is not an option, it can prove useful to keep a list of what you spend on a credit card in the old-fashioned form of a pen and paper. This works equally as well as checking online – provided you always remember to note down your credit card spending – and means you can avoid going over-budget without realising it.
One of the most important ways to keep track of your finances is to regularly review your statements. This is particularly the case with Credit Cards
Article Source: http://www.SubmitYourNewArticle.com
One of the most important ways to keep track of your finances is to regularly review your statements. This is particularly the case with Credit Cards
http://www.submityournewarticle.com/Article/Reviewing-Credit-Card-Statements/234658
Where it might be easy to forget what items have been purchased on it and how much you will be able to repay come the end of the month.
Each month it is important to check your statement thoroughly. Not only is this important as a way to keep track of your finances, it is a vital way to ensure that any instance of Credit Card fraud is discovered as early as possible and dealt with.
If errors do occur on the statement it is imperative that you contact the credit card company immediately to register the problem, as it could become difficult to rectify the problem once you have begun paying back what is owed.
The internet is now increasingly being used by savvy consumers to keep track of their finances and checking on credit card transactions is no exception to this.
Online security has become incredibly tight over recent years, making it much harder for hackers to gain access to financial details and giving consumers greater peace of mind when banking online.
Using the internet to keep a check on your Credit Cards spending means that you will not have to wait until the end of the month to see how much you need to repay, therefore allowing much greater control over your own finances. However, where using the internet is not an option, it can prove useful to keep a list of what you spend on a credit card in the old-fashioned form of a pen and paper. This works equally as well as checking online – provided you always remember to note down your credit card spending – and means you can avoid going over-budget without realising it.
One of the most important ways to keep track of your finances is to regularly review your statements. This is particularly the case with Credit Cards
Article Source: http://www.SubmitYourNewArticle.com
One of the most important ways to keep track of your finances is to regularly review your statements. This is particularly the case with Credit Cards
http://www.submityournewarticle.com/Article/Reviewing-Credit-Card-Statements/234658
Your Credit Eligibility Is a Guarantee of Success
When getting a mortgage or a car loan or a small business loan you realize how important reasonable building of a credit history is. Your credit history is reflected numerically in your credit score.
There are credit bureaus that collect financial information on individuals and estimate a credit score. By the way, they provide some credit fraud protection products. The three major reporting bureaus are: Experian, TransUnion and Equifax. The credit score they provide defines a credit card you may qualify for. But information on your scores provided by credit bureaus may differ. You are strongly advised to review your reports to manage your credit. You have the right to claim for three reports from major bureaus every year. When you get the report you can see whether you match the criteria to get a good or bad credit card.
If your score is 660-749 you may qualify for a good credit card. This gives you such considerable benefits as low APR, 0% balance transfers and various rewards.
If you have a score rating of 620-659 FICO points you can qualify for fair (average) cards. This means you are on the way to a good credit history. Fair cards are unsecured credit cards, considerably contributing to your future. A fair credit score is a transition point between poor and good credit. Being a reliable payer you increase your chances to get a good card.
The score lower than 620 is a bad score. Bad score cards can be divided into secured and unsecured. Secured credit cards demand security deposit which determines your credit limit. If you are late with your payments the money will be taken from your account. You may also apply for an unsecured card for bad or no credit. This is the best way to reestablish your credit history, as they don’t require a deposit and this is good for your report.
Prevention is better than treatment, so you should be familiar with all the credit card details to build your credit history, and not to rebuild it in future. Make sure to get your annual reports and check them out carefully in order to avoid credit fraud, such as identity theft, card scam, Internet fraud etc. Follow some simple tips to escape it. Never tell your personal card details to anybody. Tear your credit card receipts. Try not to always carry your card with you. Report your card loss or theft to the bank immediately.
Obtaining good credit history is a gradual process. Starting from secured bad credit card and ending with good scores it is the result of smart financial behavior. Study carefully how to deal with credits and to avoid debt. Profound knowledge of credit reporting mechanisms will be of a great use. Apply for your card, become eligible and get approved!
Article Source: http://www.SubmitYourNewArticle.com
Azra Jansson is an expert in establishing a new credit. She writes about determining your credit eligibility. She gives advice on customer eligibility for getting a loan.
http://www.submityournewarticle.com/Article/Your-Credit-Eligibility-Is-a-Guarantee-of-Success/235371
There are credit bureaus that collect financial information on individuals and estimate a credit score. By the way, they provide some credit fraud protection products. The three major reporting bureaus are: Experian, TransUnion and Equifax. The credit score they provide defines a credit card you may qualify for. But information on your scores provided by credit bureaus may differ. You are strongly advised to review your reports to manage your credit. You have the right to claim for three reports from major bureaus every year. When you get the report you can see whether you match the criteria to get a good or bad credit card.
If your score is 660-749 you may qualify for a good credit card. This gives you such considerable benefits as low APR, 0% balance transfers and various rewards.
If you have a score rating of 620-659 FICO points you can qualify for fair (average) cards. This means you are on the way to a good credit history. Fair cards are unsecured credit cards, considerably contributing to your future. A fair credit score is a transition point between poor and good credit. Being a reliable payer you increase your chances to get a good card.
The score lower than 620 is a bad score. Bad score cards can be divided into secured and unsecured. Secured credit cards demand security deposit which determines your credit limit. If you are late with your payments the money will be taken from your account. You may also apply for an unsecured card for bad or no credit. This is the best way to reestablish your credit history, as they don’t require a deposit and this is good for your report.
Prevention is better than treatment, so you should be familiar with all the credit card details to build your credit history, and not to rebuild it in future. Make sure to get your annual reports and check them out carefully in order to avoid credit fraud, such as identity theft, card scam, Internet fraud etc. Follow some simple tips to escape it. Never tell your personal card details to anybody. Tear your credit card receipts. Try not to always carry your card with you. Report your card loss or theft to the bank immediately.
Obtaining good credit history is a gradual process. Starting from secured bad credit card and ending with good scores it is the result of smart financial behavior. Study carefully how to deal with credits and to avoid debt. Profound knowledge of credit reporting mechanisms will be of a great use. Apply for your card, become eligible and get approved!
Article Source: http://www.SubmitYourNewArticle.com
Azra Jansson is an expert in establishing a new credit. She writes about determining your credit eligibility. She gives advice on customer eligibility for getting a loan.
http://www.submityournewarticle.com/Article/Your-Credit-Eligibility-Is-a-Guarantee-of-Success/235371
Student Credit Cards Are the First Step to Establish Credit
At present, almost all people have credit cards. And students are not an exception. While some of them use plastics wisely and build a credit history, others get lots of debts. Students that have a plastic should know how to manage their finances as soon as possible, as the time between adolescent years and adulthood is very short. Thus, the sooner students begin to manage their financial matters, the sooner their financial skills will be developed.
These types of plastics help students to learn how to be responsible for handling money. More than that, student plastics are a way of teaching young people about debt. With the wise use students will be able to get more benefits from owning a student credit product.
But on the other hand, student plastics can cause a great amount of debt that may follow students even after their graduation from college or university.
It should be mentioned that credit card companies consider students to be one of the best customers. The first reason is loyalty. Once students get a plastic card, they are likely to keep this particular credit product for years, instead of obtaining a new plastic.
At present, more and more students may get a credit card even if they don't have a steady source of income. And this is one more reason why credit card companies provide students with more and more credit products. They usually can't pay off their debts on time. Moreover, credit companies rely on this fact. They can make lots of money by charging late payment penalties, annual fees and interest fees on unpaid credit balances. Thus, cardholders who can't repay their credit balances in full each month are desirable.
It should be mentioned that the most difficult thing for students is to make the right choice among the large number of student credit card offers. One of the possible ways for students to select the suitable plastic for themselves is to speak to other students who have already had credit cards and to get advice from them.
It goes without saying, that before choosing a plastic card, a student should compare credit card offers and be aware of credit cards' terms of use. Many students who own credit cards recommend the others a plastic with no annual fee and the option to limit the amount of money that can be spent.
Every student wants to have at least one plastic, as it can help him during college years. For instance, a student will be able to buy books or concert tickets, rent a car, etc. Aside from financial help, student credit cards provide young people with other types of assist by building a credit history. Credit history is the record of all things that happen in your financial situation. Credit rating is a system based on such factors as bill paying history, late payments, type and number of accounts, debts and others.
If credit history and score are good, a student will easily get a car or house loan, definite types of financial jobs and other benefits. So, to take advantage of these benefits, a student should pay his bills on time.
Plastics can be a valuable tool for a student. They provide young people with convenience and security, and at the same time they help students to build a good credit history that may be needed in the future.
Article Source: http://www.SubmitYourNewArticle.com
In her articles Rachael Wimbley puts emphasis to possible ways of taking advantage of online credit card applications and getting the right plastic card. Search for more information about points rewards cards on the website.
http://www.submityournewarticle.com/Article/Student-Credit-Cards-Are-the-First-Step-to-Establish-Credit/236239
These types of plastics help students to learn how to be responsible for handling money. More than that, student plastics are a way of teaching young people about debt. With the wise use students will be able to get more benefits from owning a student credit product.
But on the other hand, student plastics can cause a great amount of debt that may follow students even after their graduation from college or university.
It should be mentioned that credit card companies consider students to be one of the best customers. The first reason is loyalty. Once students get a plastic card, they are likely to keep this particular credit product for years, instead of obtaining a new plastic.
At present, more and more students may get a credit card even if they don't have a steady source of income. And this is one more reason why credit card companies provide students with more and more credit products. They usually can't pay off their debts on time. Moreover, credit companies rely on this fact. They can make lots of money by charging late payment penalties, annual fees and interest fees on unpaid credit balances. Thus, cardholders who can't repay their credit balances in full each month are desirable.
It should be mentioned that the most difficult thing for students is to make the right choice among the large number of student credit card offers. One of the possible ways for students to select the suitable plastic for themselves is to speak to other students who have already had credit cards and to get advice from them.
It goes without saying, that before choosing a plastic card, a student should compare credit card offers and be aware of credit cards' terms of use. Many students who own credit cards recommend the others a plastic with no annual fee and the option to limit the amount of money that can be spent.
Every student wants to have at least one plastic, as it can help him during college years. For instance, a student will be able to buy books or concert tickets, rent a car, etc. Aside from financial help, student credit cards provide young people with other types of assist by building a credit history. Credit history is the record of all things that happen in your financial situation. Credit rating is a system based on such factors as bill paying history, late payments, type and number of accounts, debts and others.
If credit history and score are good, a student will easily get a car or house loan, definite types of financial jobs and other benefits. So, to take advantage of these benefits, a student should pay his bills on time.
Plastics can be a valuable tool for a student. They provide young people with convenience and security, and at the same time they help students to build a good credit history that may be needed in the future.
Article Source: http://www.SubmitYourNewArticle.com
In her articles Rachael Wimbley puts emphasis to possible ways of taking advantage of online credit card applications and getting the right plastic card. Search for more information about points rewards cards on the website.
http://www.submityournewarticle.com/Article/Student-Credit-Cards-Are-the-First-Step-to-Establish-Credit/236239
Three Reasons To Check Your Credit Card
While there are some very organised people out there who open every piece of mail as soon as it arrives, and take the appropriate action straight away, many of us don't quite take the same approach. In our time-pressed lives, opening mail may not be a priority, and especially in the case of credit card statements which are usually easily recognisable from the envelope, they may sit unopened all through the month until the next one arrives. This, however, is not really a good way to deal with things, and here are three reasons why.
Credit cards are somewhat notorious for giving us the ability to run up debts without really realising what we're doing. Because it's so easy to spend when you're within your limit, there can be little to stop us from making impulse purchases or even using the card to pay essential bills from time to time. Opening your statement each month as soon as it arrives helps us to keep a realistic impression of how much we're spending. If you don't check your account very often, it's all too easy to receive a nasty surprise, with the debt being a lot larger than we anticipated.
The second reason that you should examine your statement each month is to detect any possible fraud before too much damage is done. We tend to think that if somehow our card details find their way into the hands of criminals, then the account will be cleaned out straight away. Not all fraudsters work in this way though, with more subtle attempts to 'fly under the radar' by only withdrawing small amounts. By doing this they are less likely to be detected, as the card issuers' monitoring systems might not spot the fraud as easily. By checking that you recognise each transaction on your statement, you stand a much better chance of minimising the damage caused identity theft and fraud.
Thirdly, your statement will include details of any charges or changes made by the credit card issuer that you might not have been aware of otherwise. For example, a change to your statement date may mean that your regular payment now misses the due date, leading to late payment fees. Or, a change to the minimum repayment may mean that you need to change the amount you automatically pay each month - only by checking your statement will these circumstances be made clear, especially considering the legalese used in the typical credit card terms and conditions leaflet!
So, even though dealing with regular mail such as credit card statements may seem like a chore, and something that we can neglect in favour of more interesting or important activities, reading your statement could actually end up saving you time and money, and it really only needs to take a few minutes a month!
Article Source: http://www.SubmitYourNewArticle.com
Michael writes for Card Sense UK where you can compare best buy credit cards, cards with cash back and rewards, and 0% credit cards along with reading credit card related information and articles.
http://www.submityournewarticle.com/Article/Three-Reasons-To-Check-Your-Credit-Card-Statement/240100
Credit cards are somewhat notorious for giving us the ability to run up debts without really realising what we're doing. Because it's so easy to spend when you're within your limit, there can be little to stop us from making impulse purchases or even using the card to pay essential bills from time to time. Opening your statement each month as soon as it arrives helps us to keep a realistic impression of how much we're spending. If you don't check your account very often, it's all too easy to receive a nasty surprise, with the debt being a lot larger than we anticipated.
The second reason that you should examine your statement each month is to detect any possible fraud before too much damage is done. We tend to think that if somehow our card details find their way into the hands of criminals, then the account will be cleaned out straight away. Not all fraudsters work in this way though, with more subtle attempts to 'fly under the radar' by only withdrawing small amounts. By doing this they are less likely to be detected, as the card issuers' monitoring systems might not spot the fraud as easily. By checking that you recognise each transaction on your statement, you stand a much better chance of minimising the damage caused identity theft and fraud.
Thirdly, your statement will include details of any charges or changes made by the credit card issuer that you might not have been aware of otherwise. For example, a change to your statement date may mean that your regular payment now misses the due date, leading to late payment fees. Or, a change to the minimum repayment may mean that you need to change the amount you automatically pay each month - only by checking your statement will these circumstances be made clear, especially considering the legalese used in the typical credit card terms and conditions leaflet!
So, even though dealing with regular mail such as credit card statements may seem like a chore, and something that we can neglect in favour of more interesting or important activities, reading your statement could actually end up saving you time and money, and it really only needs to take a few minutes a month!
Article Source: http://www.SubmitYourNewArticle.com
Michael writes for Card Sense UK where you can compare best buy credit cards, cards with cash back and rewards, and 0% credit cards along with reading credit card related information and articles.
http://www.submityournewarticle.com/Article/Three-Reasons-To-Check-Your-Credit-Card-Statement/240100
Subscribe to:
Posts (Atom)
