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One of the basic security features that have become standard options for many major credit card companies is called the zero liability policy. With this feature, you have coverage akin to an insurance policy that will protect you. When a card user realizes that his or her card has been lost or stolen, this policy can be immediately activated to deal with the threat of unauthorized usage. More specifically, the cardholder is not held responsible for any fraudulent purchases made when it was taken. There will be differences on how much coverage you will receive, including amounts of cash compensation for any costs involved.
Another security feature that is getting attention are temporary purchase numbers. These numbers are used by those who make frequent purchases online or by telephone. It is a one-time use number that is assigned by the credit card company. It can be entered online or by phone in the place of your actual card number. Don't forget that you can only use this number once. To make further purchases, you should request a new number.
There is a third credit card security feature called photo security. While it is true that some users are opposed to use of photo security, most are rethinking their positions due to the increase of cases of identity theft and credit card fraud. With photo security, you have an immediate way to identify a card's user and a better way to prevent unauthorized purchases at the retail counter.
The fourth type of credit card security feature is called identity theft insurance. This specialized insurance policy is designed to protect cardholders by compensating for financial losses and legal costs related to legal claims filed because of identity theft or credit card fraud. Under this coverage, any legal fees, which add up to a percentage of lost wages, and other fees obtained while dealing with a dispute are covered.
Since you have a better grasp on some of the essential features of these four credit card security features, you can now proceed with your investigation of what types are offered by your credit card company. Determine if the features are included as a standard policy or if you are required to purchase them separately or pay a fee. Identity theft and credit card fraud are real dangers that are becoming larger threats all the time; therefore, it is important take a few precautions to safeguard your personal assets.
Category: Credit CardsLook For The Most Suitable Credit Card was written by:Author:Alisdair CosgroveAdded: Wed, 02 Jul 2008 07:01:13 -0400 This Article Has Been Read 70 times View all Alisdair Cosgrove's articlesAbout the Author: Alisdair Cosgrove has been writing personal finance articles for many years and can find more of his work at the UK site www.TheMoneyStop.co.uk, offering best credit cards along with great best business bank account and also cheap car insurance. Visit today to find a great deal or read one more of Alsidair's great articles. |
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