Stuff they don’t tell you when you apply credit card
*Although this is a sponsor post, some are my personal experience.*
Just go to any shopping mall, you will notice credit cards is a big business. You will see banks setting up counter offer gift and various packages to attract consumer. Sigh..Holding same credit card for more than 12 years, I never receive any gift from my credit card company.
Nevertheless, I have reason sticking to the same credit card : 1. promptly response on beating fraud 2. Attractive financial packages which allow me to reduce the interest pay.
I have friends that encounter credit card fraud, where the credit card company are slow to response and provide little helps. The most frustrating part are dealing with the credit card company that lack fraud combating policies (although it is a requirement by central bank).
Here is the story : It happens that some offshore company has offer some “frills-free” traveling packages. Because the telemarketer inform my friend that they are using credit card number for some verification purpose, they indeed charge him the amount at the spot. Luckily, he notice it in the next day : when he card are rejected when he purchase some electronic appliances. When he phone the credit card company, he realize that some transaction has done behind the scene without his awareness. After checking the previous transaction figures, he notice it is the exact amount stated by the “frills-free” traveling packages.
So he inform the credit card company to freeze the transaction, since credit card company will take 2-3 days grace period before making the payment to merchant. However, the credit card company refuse to do so, even it is an transaction that does not involve solid product. To cut the story short, he manage to get the company to cancel out the packages and debit the amount with some lengthy consumer rights claims process. And to his surprise, the credit card company continue to charge him interest rates even though he has ask them to freeze the transaction.
Due to the frustration, he settle all the bills, cut the card in halves and mail it back to the credit card company to cancel the card. And the story is not ended there, the credit card company claim they did not receive the card, and ask him to do it again (how nice!). After yelling to the phone and report to the consumer rights body, he finally get rid of the credit card.
Today, although with better credit card fraud detection policies and awareness, consumer are advise to study more about the credit card services. It is highly recommended to read Credit card articles from Credit cards portal. Besides the commercial, you will learn useful information about new credit card fraud, prevention procedures and various tips to manage your credit card debts. Many stuff that typical credit card company won’t tell you when you apply your credit card.