The use of debit and credit cards is increasing at the moment. As a result, scams are also on the rise. A growing number of people use credit cards to spend more than they can afford. Not just spending more money. However, online scams are on the rise. You can set a limit on your credit and debit card transactions to keep track of the money you spend with the card. For example, if you don’t want to spend more than Rs 5,000 or Rs 10,000 per transaction, you can set a limit accordingly. Transactions that exceed this limit will fail. There is also the option of regulating international transactions.
How to set a Card Limit?
The process for establishing a card limit varies by bank. While some banks allow this by turning on the card’s button, most banks allow you to set the limit through net banking. You must select the card option and enter the card information for which you want to set the limit. Do you want to impose a limit on domestic or international transactions? Do you want to make any additional changes? Those alternatives are available. You can select the option you want and set the limit here. Some banks also allow you to set a limit through mobile banking. When you enable the option, the bank will notify you of the restriction. If the transaction exceeds the limit, the bank will notify you.
How to prevent scams?
Debit and Credit cards fraud is on the rise. It is recommended that both banks and individuals take appropriate precautions to prevent such scams. It is especially important not to share your password or PIN with anyone. Limit the amount of money you can withdraw with your credit card. Assume your card cancels international transactions and restricts domestic one-time transactions to Rs 5,000. International fraudsters will be unable to use your card information. Experts also claim that committing a domestic scam can save you more than Rs 5,000.