Tips For Using Credit and Charge Cards

Written by Paul Richard - Institute of Consumer Financial Education, Executive Director

The Institute of Consumer Financial Education (ICFE) now has available for consumers, educators and counselors "Credit/Debit Card Warning Labels" and NEW "Credit/Debit Card Sleeves," a/k/a condoms. Visit our Online Store for more information.

• Reduce the number of cards you carry and use just one or two. (Optional: Place credit card warning labels on front of credit cards.)
• Use credit cards only for essential purchases.
• Return all unwanted credit cards, cut up into pieces, to the card issuer.
• Keep unused cards in a safe place.
• Carry credit cards separately from your wallet or purse.
• Keep your card in view whenever you hand it to a merchant.
• Destroy carbon papers on receipts.
• Never lend your cards to anyone.
• Promptly report questionable charges.
• Avoid signing blank charge vouchers.
• Don't give card numbers out over the phone on calls you didn't originate.
• Enter charge purchases in your checkbook register as though they were a check.
• If your cards are stolen or lost, call the card issuer(s) immediately. Most issuers have toll-free numbers for reporting missing cards and usually maintain 24 hour service. The law says once you make a report of the missing card(s) you have no further liability - in fact your maximum liability is $50 per card for unauthorized charges. If you suspect someone of using your account number write the issuer via certified mail. Only a letter protects your rights under the law.