An increasing number of financial institutions are providing online facilities to make it easier for cardholders to manage their credit accounts. From the credit card statement to a detailed breakdown of the spending pattern, a cardholder can access any information through this online account, which can help limit expenses as well as prompt savings.
With reputed card issuers, every user is required to create an online account while applying for a credit card to activate and use the card. After availing the card and logging in with some basic inputs like the credit card account number, username and password, the details of the same account will be available to users.
However, cardholders should know how to safeguard and monitor their account immediately after they apply for credit card. Such practices ensure that no unauthorised transactions take place, and they do not encounter any financial loss throughout their period of usage.
Ways to monitor an online credit card account
There are several aspects of monitoring an online credit card account. Let’s take a look at some of them.
1. Check your credit card statement –
Your credit card statement comprises all the essential details regarding your credit account. You will get a breakdown of all the transactions made through your card, along with payment information, late and minimum payment limits, an intimation of any changes in the applicable interest rate, fees and interest charged against your account, etc. Thoroughly going through and understanding the statement is essential to get the most out of your credit card.
With online access, you can check your credit card statement any time. This makes monitoring the same more convenient. You must, however, also know how to check your credit card statement correctly to this end.
2. Look for unauthorised expenses –
Another effective way to monitor your credit card account online is to periodically check the transaction records for any unauthorised entry. Although the same can be accessed when you receive your credit card statement, these are usually issued once every month, whereas you can access your live transaction record from your online account at any time. It thus offers a scope for prompt action in the case of any unauthorised usage.
Any unauthorised entry may indicate possible information breach, where a cyber threat might have resulted in compromised card details. However, such cases are extremely rare, especially with cards like Bajaj Finserv RBL Bank SuperCard that come with multiple security features. It offers zero fraud liability cover, which can be especially beneficial in such cases.
The card issuer also provides pre-approved offers to existing customers, simplifying the application process by a significant margin. These offers are available on a range of financial products, like credit cards, personal loans and business loans. You can check your pre-approved offer online by sharing only some essential details.
3. Check the unutilised credit limit –
You should also check the unutilised credit limit periodically to keep a tally on the overall expenses made via your credit card. If you use your credit card to pay for certain expenses every month, you will have an estimation of the limit of your card. Any discrepancy in this amount can indicate unauthorised transactions or even entry mistakes, which you can check against other factors like statement and transaction records.
As a security measure, you can adopt the following measures to prevent any fraud or theft.
4. Do not share sensitive card information with an unknown source –
Sharing card details with an unknown source increases the risk of frauds. Such criminals often use spam and phishing techniques to lure unsuspecting cardholders to reveal their account details. Do not share any detail via an email or post sent to you unsolicited. When you apply for a credit card, you must also make sure not to provide your personal information to any other source than the legitimate card issuer.
5. Take note of SMS and email alert –
It is a good practice to pay heed to SMS and email alerts. Transaction alerts inform you about the amount, date, and mode of transaction, which can help you identify unauthorised access by a great margin.
Thankfully, frauds and thefts have reduced significantly with the introduction of better security systems offered by card issuers like Bajaj Finserv.
Following these above-mentioned guidelines and informing your credit card provider whenever you notice any discrepancy can reduce the risk of theft significantly.