E-Paper
You can lock your credit, debit card
Some banks allow you to completely switch of the card. Here you can switch on the card when you want to use it and switch it off when not in use.
You can decide the limit
Did you know that you have the option to put a limit on your credit card and debit card transactions? For instance, say you want to limit your card transaction to ₹5,000 or ₹10,000 every time you swipe, you have the option to do so through your card issue. You can set the limit. This also means that when you transact, if the limit is above the one that you have set, the transaction will fail. It also allows you to limit international transactions. In case you want to switch off your international transaction, the financial institutions allow it too. Some banks allow you to completely switch of the card. Here you can switch on the card when you want to use it and switch it off when not in use.
The process
The process can differ bank to bank. Some banks allow you to switch off and switch on the card on the physical card itself with a button. Most banks allow you to do the process on the net banking platform. You have to go to the card option enter the details of the card which you want to change the limit. It will further give you option on what kind of changes you want to make—transaction limit and change in limit for domestic and international transaction. Some banks will allow you to do the process through their phone banking option as well. Once you have enabled it, the bank will activate the limit. Also next time when you transact and if the amount is above the limit the bank will call you to remind you and can also help you reset the limit.
Why you should consider it
There are multiple fraudulent debit card and credit card case that take place regularly. Firstly you should not give your card details to anyone especially your password and PIN. It is like giving your house key to a robber. Restricting your card to a certain limit will put an additional layer of protection too. For instance, if a fraudster tries to swipe your card internationally and if your international transaction option is switched off, the transaction will not go through. Also reducing the limit of your withdrawal on the card exposes your card to only a certain amount. For instance, if the limit is ₹5,000, you are exposed to only that amount per transaction.
