A credit card can be a great way to build your credit, but you need to make sure you’re using it safely. If someone gets their hands on your card data, they can access your account and rack up charges before you even realize what’s happened. Here are some ways that you can protect yourself from becoming a victim of fraud:
Open a credit card account
Getting a credit card for the first time needs preps. The next step is to open a credit card account. Before you do:
- Register for alerts and monitoring services.
- Set up fraud alerts and monitoring services.
- Check your credit report.
- Make sure you have a good credit score.
- Check your credit report regularly and monitor your accounts regularly.
You should also keep up with your account statements.
Monitor your accounts
Monitor your accounts regularly. If you check your accounts regularly and act on the information that you get from monitoring, it will be easier for you to avoid risk. In addition, you should check the balance and activity on all of your credit cards to ensure that there are no unauthorized charges or purchases made by somebody else.
You can also use this time to figure out how much money is being spent on each card so that you can see if any spots need improvement or removal. Checking often is important because it allows you to keep track of how much money has been spent and where it was spent throughout the month, which allows for better planning when making purchases in the future.
Keep up with your account statements
Keeping up with your account statements is one of the best ways to stay on top of security. For example, you should check for fraudulent charges, unauthorized charges, and any suspicious activity. If you see something that doesn’t look right, flag it immediately so that you can sort it out with your credit card company as soon as possible.
If there’s no way to resolve the issue or if you feel like someone stole your identity and opened up an account using your information (which happens more often than people think), it could be time to cancel that card altogether.
Set up fraud alerts and monitoring services
To ensure that your credit card is protected, you should set up fraud alerts and monitoring services. These will notify you if someone tries to use your credit card number in an unauthorized transaction. They can also alert you of other suspicious activity on your account, such as when an address or phone number has changed without you knowing it.
According to SoFi experts, “The key for using your first credit card is to limit charges to those which you can afford to pay off — and then ensure you do so on time.”
When looking for a company that provides these services, make sure they’re reputable and have been around for at least two years. It’s best to go with a credit union or bank rather than a third-party service because they typically offer better rates and more features.
The first step to using a credit card is to open an account. Once you’re approved and have received your card, remember to monitor its use and stay on top of payments so that you don’t miss any deadlines or pay more than you need to. If something looks suspicious, contact the issuer right away!