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Dec 31, 2014, 05.06 PM | Source: CNBC-TV18

Precautions: 9 things to remember while using a credit card

While using a card at merchant outlets, one should make sure that it is being swiped in his presence, personal finance expert, Pankaj Mathpal, Optima Money Managers said.

In an interview to CNBC-TV18, Pankaj Mathpal of Optima Money Managers spoke about the precautions one should take while doing credit card transactions.

Also Read: How financial mistakes will come back to haunt you

Below is the verbatim transcript of Mathpal's interview with CNBC-TV18.

Q: When paying for transactions through credit cards or paying online what are the points to be kept in mind?

A: First, while using a card at merchant outlets, one should make sure that it is being swiped in his presence because if he gives it to unauthorised person or in his absence his card can be cloned. Second, important information like the name of the cardholder is printed on the card, expiry date of card and card verification value (CVV), which is a three digit number; it is a security number on the back of the card. However, this information can be used for online transactions. So, if his card is not swiped in his presence then maybe somebody has captured this information. Therefore, he should make sure that the card is swiped in front of him and in presence of closed-circuit television (CCTV) camera at merchant outlets.

The other important thing is while doing online transactions, especially purchasing something from abroad one should make sure that he is using his card on a reputed website, that is the uniform resource locator (URL) starts with 'https', here 's' stands for security, not to use the URL, which starts with 'http'.

So, always use card on the URL which starts with 'https'. Use original software, original operating systems and genuine anti-virus software in computer. Do not make any transactions in a cyber cafe; always use personal computer for making transactions. Therefore, these are the important things which one should take care to avoid misuse of the card.

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