Ways to avoid losing money on credit cards

Keeping an eye out on finances, like the crackdown on tobacco smuggling, can help save you money.

07:58 12 June 2013

HM Revenue and Customs is dedicated to trying to stop tobacco smuggling, which causes large amount of monetary losses each year. Debit card users, as well as credit card users, may also be at risk of schemes that can siphon money right out of their accounts. Here are a few warning signs to look for with your debit cards or credit cards:

 

• Fees-these are usually legitimate, but do not be afraid to double check if you are assessed a fee. Even companies can make innocent mistakes which means there are times when you might be erroneously charged a late fee, or overdraft fee. Pay close attention to dates, and above all if anything seems unusual ask your bank first to find out their reaction.

 

• Memberships-if you begin to see recurring charges on statements for your credit cards or debit cards, and you cannot figure out where they come from alert your bank. Your bank may suggest changing the number of your debit or credit cards for your security. You typically are able to dispute any charges you do not recognize.

 

• Unethical merchants-hopefully you don’t run into these often, but if you do pay for a transaction using debit cards or credit cards and find out later that you didn’t receive what was paid for, you have the ability to dispute the charge. This is an option if you received something but the quality was not acceptable, or if you have a dispute about a product or service that the merchant refuses to discuss.

 

• Phone calls-if you receive callers who request the numbers, even just the last four digits, of your debit cards and credit cards alert your bank if you do not recognize the company or person calling you. Never give the information over the phone. If it is a legitimate inquiry, they will be able to provide you with a number to dial.