Stolen Student Credit Cards - how to deal with it
Do you already have a student credit cards? Find out how to be more cautious in using your student credit cards to avoid being stolen.
It is true that a student credit card is a lot easier and more convenient to use than check or cash. Having a student credit card makes it possible for students to make purchases online, make online ticket reservations, earn rewards, and build their personal credit history at the earliest possible time.
However, along with the advantages of using student credit cards, there are also some risks involved. In this article, we’ll discuss one of the most common dangers that threaten student credit card holders- the threat of fraud due to stolen credit cards.
Losing Your Student Credit Card
Everyone must be concerned about how they handle their student credit cards. Students seem to be more prone to lost or stolen credit cards because they’re the ones who are often more relaxed or complacent in handling their cards.
If you’re a student who lives in the boarding school or apartment, you could be sharing your room with other students. Leaving your things in your school locker also increases the risk of your credit card being stolen. Carrying your student credit card in your wallet also leaves you more prone to loss or theft.
What would you do in case your credit card gets lost or stolen? How should you deal with that kind of situation? Are you aware of the steps you should take to protect your account? Below are some tips on how to handle a lost student credit card:
Call your credit card issuer right away. If you discovered that your student credit card is missing, the best thing to do is call your student credit card company immediately. Alert them about the lost of your card. Request that your account be blocked immediately to prevent the thief from using your card.
Know your student credit card’s terms. Are you aware about your credit card’s policy on lost cards? Some credit card companies impose a $50 liability protection for unauthorized charges. Thus, in case of unauthorized charges in your account, you would only be paying $50 regardless of the amount of the unauthorized charges. There are also student credit cards that provide a $0 liability protection which means you won’t have to pay anything at all for unauthorized charges.
Alerting your company about the lost of your card at the exact moment eliminates possible problems. But what if you never lost your student card yet someone has been using your account without your permission? You credit card company may send you a notice regarding unpaid charges in your account which you’re not even aware of. In this case, you have the right to dispute the charges.
Call your student credit card company and inform them about your concerns. Follow up your complaint with a letter of dispute, sent via registered mail. Your letter should clearly explain why you think the charges are incorrect or fraudulent. Upon receipt of your letter, your student credit card company would conduct an investigation on the matter. You should also request for a card replacement if you suspect the possibility of identity theft.
