‘Don’t lose sight of your credit card’ – CCAP

MANILA, Philippines - Credit cardholders must keep their card in sight upon handing to a cashier when making a purchase.

That was one of the many advises issued by the Credit Card Association of the Philippines (CCAP) in anticipation of heavy card usage in the holiday season.

“With the holiday season fast approaching, consumers are reminded to be responsible in the use of their credit cards as spending peaks in the coming month,” the CCAP said in a statement.

Historically, December remains the strongest month for consumers spending using credit cards based on the group’s data.

In light of this, CCAP urged cardholders to be responsible with their credit card use during the holidays.

Or else they be mired in debt beyond their capacity to settle, or worse loss their money from illegal activities like phising.

On the issue of security, CCAP encouraged credit card users to observe safety tips so that they do not fall victim to fraud.

Simple measures include: affixing a signature on the card; keeping the card in sight upon handing to a cashier; never writing down the PIN, login details, or passwords; and watching out for skimming devices or online phishing sites can go a long way in adding another layer of protection for credit cardholders.

In case of a lost or stolen card, consumers should immediately report the matter to the card issuer to have the credit card deactivated.

“Among the measures the public should exercise is making a list of the items they plan to buy in advance, and only spending within a set budget and their means to pay,” it said.

While it is easy to get carried away in the shopping frenzy associated with the holiday season, splurging beyond one’s ability to pay can thin out a person’s financial resources especially in times of need.

Late fees and finance charges can also accrue, making it more difficult for cardholders to pay off their bill. Cardholders should make it a point to pay their dues on time, and preferably more than the minimum payments to generate savings.

CCAP also advised cardholders to read the credit card terms and conditions thoroughly so they may be apprised of important information about their card and its use. This includes details on monthly interest rates, payment terms, penalties and finance charges.

Cardholders should also check the accuracy of monthly statements to keep them up to date with their credit limit, payment dues, and transactions.

This practice also serves as an early warning device for possible fraudulent use because card purchases are duly recorded in the monthly statements.

The group likewise urged consumers to take advantage of promos and perks tied to their credit cards.

Retail outlets often offer special rates, discounts, rebates and other offerings for the purchase of goods or services that provide cardholders value for their money.

Availing of such will allow consumers to stretch their budget efficiently for the gift-giving and merry-making season.