Do You Know What Security Features Your Credit Card Has?

By:Joseph Kenny

Everyday there is some new headline in the newspaper or on the news about identify theft, with many of acts committed against credit card users. As a consequence, card companies are endeavoring to keep a step ahead of these thieves by providing the best credit card security features possible for their customers. Card users do not want to fear credit card theft. They want to be able to make purchases without worrying that their information and finances will be compromised. One of the best ways to allay those fears is to be informed about your own credit card's security features.

First, it is important to understand the purposes of most security features. These technological and informational safeguards are put in place to provide protection for your personal information as well as provide a way to minimize the overall damage done to your finances and credit rating if someone happens to get their hands on the card and make unauthorized purchases.

Of all the credit card security features being developed there are four primary ones getting the most attention by the media and by consumer advocacy groups. Here are all four in brief:

Zero Liability Policies - Most credit card companies offer some form of zero liability policy. This feature has actually become an essential part of a card's security, forming the foundation for other measures. Zero liability policies go into action when a cardholder discovers that unauthorized card purchases have been made with their lost or stolen card. The policy provides compensation to the cardholder so that they will not be held responsible financially for the fraudulent activities. Coverage will vary from company to company, but it is basically the same concept wherever you go.

Temporary Purchase Numbers - One of the more recent additions to credit card security is the temporary purchase number. This feature is used in the place of your actual card number to protect it from those who would steal it. As the name states, these numbers are temporary and may be used for single purchases only. Once it is used, you will be given another alternative or fake card number to use when making certain types of purchase such as those on the web.

Photo Security - Photo security is slower to catch on with many card companies, but the trends are beginning to shift the other direction. Certainly, having a photo of the cardholder on the credit card is an obvious deterrent for a thief who has stolen a credit card and tries to use it in a public setting such as at the checkout counter of a retail store or in a restaurant.

Identity Theft Insurance - Identity theft insurance is type of insurance policy that is offered by a credit card company as an extra security option. Any coverage included is supposed to deal with all the financial losses and legal fees associated with identity theft or credit card fraud claims. Those with identity theft insurance can expect receive coverage of legal fees, wages lost while pursuing a claim, and other fees related to the resolution of a dispute.

You will want to investigate and see what your card company's security features are and see if they have any others not mentioned here and evaluate whether they are worth the extra cost (if any) for adding to any existing coverage.

Digg del.icio.us Blink Stumble Spurl Reddit Netscape Furl

Article keywords: credit, cards, fraud, identity, theft, steal, purchase, fees, atm, statements, security

Article Source: http://www.articles2k.com

Joe Kenny writes for Credit Cards Web, offering compare credit cards or onlystop.com for some great credit cards, for US residents with credit card debt visit Rebuild for credit card debt consolidation

Top Credit Articles
1). What Is a Good Credit Score – How Can I Raise Mine? By : Peter Crump What is a good credit score? When you request a free copy of your credit report, you will find a score assigned to your credit history. This score will determine whether or not creditors will grant you the loan or credit that you want because it gives them an idea of your risk to repay. Generally, the answer to the question “what is a good credit score?” is the higher the better.
2). Paying Off Your Credit Card Balances: Running The Numbers By : Stephen L. Nelson, CPA Ever thought about paying off your credit card balances? Maybe you would like to be debt free just to reduce your stress. Or perhaps you need to be debt free to retire. If you have Microsoft Excel running on your computer at home or work, you can use Excel’s NPER function to calculate how quickly you can pay off a debt such as a credit card balance.
3). Credit Card Faq - Credit Card Security And Authentication By : Joseph Kenny With the ever rising reports of credit card fraud, fraudulent use, internet phishing and identity theft, people are rightly concerned about credit card security. Fraudulent credit card use can be an annoyance at best, and seriously damage your credit at worst. It's only reasonable that people have questions about credit card security and authentication methods.
4). Online Credit Card Application: The Easiest Way To A Customer’s Heart By : David Riewe Many credit cards are offered in the market today thus, making companies more aggressive in advertising and marketing their card services. These companies (e.g. banks, department stores, specialty stores, airlines, hotels, etc.) have found a powerful tool in catching the attention of prospective card holders: online credit card application. What advantage/s does online credit card application offer? The bottom line of online credit card application is “convenience”.
5). How To Build Up Your Credit By : Ken Snow There are many effective ways to build credit. In order to keep creditors from bothering you, and in order for you to get a loan with a reasonable interest rate, you need to learn how to build your credit. The best place to start is to not buy things that you don’t need. If you always make impulse buys, you will find yourself in deeper debt very quickly.
6). Best Rewards Credit Cards By : Richie Chapin It's almost a guarantee when you check your mailbox you will have a couple pieces of mail offering you a pre-approved credit card. Now most people will casually discard them without any regard to the offer that is inside. But before you throw away that credit card offer you may want to take a peek at it. Many credit card companies are now offering you FREE rewards just for using your credit card.
7). How to Choose the Right Credit Card For You By : Richie Chapin So your thinking about getting a credit card but your not exactly sure what to look for right? Well there are a lot of different things to consider when applying for a credit card. Some things to think about are the interest rate, annual fees and features the credit card may offer. Here are a few tips that will help you choose the best credit card for you.
8). Instant Credit Approval - Avoiding Fees By : Robert Alan This article describes how to avoid paying fees on instant credit approval
9). Credit Bureaus Adopt New Credit Scoring System By : Rick Hendershot The three major consumer credit bureaus in the U.S. have recently created a new credit scoring system that will give financial institutions a more consistent evaluation of the credit worthiness of applicants. The three agencies -- Equifax, Experian and Transunion -- have introduced the new system called "VantageScore". The new scoring system will be used immediately for reporting to banks, lenders, and credit card companies, and will be available to consumers later in the year.
10). The Travails Of The Pros And Cons Of A Small Business Credit Card By : Sohel Katir For small business credit card getting a sense out of a deal is, in some instances, the most difficult thing to do. This is because most people could not instantly figure out the benefits they can derive from obtaining it. Take for example the case of small business credit card. Some people contend that business credit cards are crucial in the growth of a business, while other s contend that it is just one way of losing their investments.

New Credit Articles
1). Free Credit Reports, Where You Can Get Yours Today and Keep a Blazing Eye on Your Credit! By : Tom Jerico Everyone can get a free credit report. It is one of the most important things anyone can do to keep their credit in shape.
2). What You Need To Know About Legal Credit Repair Service By : Paul Johnson Legal credit repair service is a lucrative industry that is heavily based on making claims that suggest that they will be able to repair your credit without a hassle.
3). Chase Free Cash Rewards Visa Credit Card - Pros and Cons By : George Allen The Chase Free Cash RewardsSM Visa® Card, issued by Chase, is designed for those with very good credit who would like a card that offers a cash back reward program.
4). When Considering Credit Card Benefits, Are Reward Cards Really A Bargain? By : Gregg Hall Now credit card companies are using reward systems to get people to sign up for their card. For the consumer this is great. You can now get rewarded just for using your credit card that you were going to use anyway.
5). Can Your Repair Credit Yourself? By : Paul Johnson Many companies that want to make a good deal of money exchanging your credit information will advise you against repairing your own credit.
6). Get Your Free Credit Repair Help By : Paul Johnson At first glance, free credit repair help may seem too good to be true.
7). Newbie Credit Repair Advice By : Paul Johnson You have credit rights and they are likely being violated.
8). How your Credit Rating Affects your Credit Card Application By : Jon Francis When you apply for a credit card, one of the factors that come most into play in whether or not you are approved is your credit rating.
9). Credit Repair - Where to Start? By : Paul Johnson Getting started in your path to credit repair can be mind-numbing. Read on to take that numb right out of your mind and get your credit repair process started.
10). Paying The Price Of Credit Card Jumping By : Joseph Kenny Having a debt and paying no interest on it seems almost too good to be true. But many consumers use their credit cards to do just that. The process is known as rate surfing or credit card jumping.