(iStock)
(iStock)

You can lock your credit, debit cards

  • Restricting your card to a certain limit will put an additional layer of protection
  • Some banks allow you to switch on and off the card on the physical card itself with a button. Most banks allow you to do the process through net banking

You can decide the limit

Did you know that you can put a limit on your credit and debit card transactions? For instance, if you want to limit your transaction to 5,000 or 10,000 every time you swipe, you have the option to do so. Through your card issuer, you can set the limit. This also means that during transaction, if the limit is above the one that you have set, the transaction will fail. It also allows you to limit international transactions. If you want to switch off your international transaction, the financial institutions allow it too. Some banks allow you to switch of the card completely.

The process

The process can vary for different banks. Some banks allow you to switch on and off the card on the physical card itself with a button. Most banks allow you to do the process through net banking. You have to go to the card option and enter the card details for which you want to change the limit. It will give you an option on what kind of changes you want to make — the transaction limit or change in limit for domestic and international transaction. For some banks, you can opt for the phone banking option as well. Once you have enabled it, the bank will set the limit and inform you if the next transaction is above the limit.

Why to consider it

Many fraudulent debit and credit card cases occur regularly. You should not give your card details to anyone, especially the password and PIN. Restricting your card to a certain limit will put an additional layer of protection. For instance, if a fraudster tries to swipe your card internationally and if your international transaction option is off, the transaction will not go through. Also, reducing the limit of your withdrawal on the card exposes your card only to a certain amount. For instance, if the limit is Rs5,000, you are exposed to only that amount per transaction.

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