Monday, April 04, 2016

Keep A Separate Credit Card Just For Bills In Case Your Wallet Is Stolen

Via LifeHacker:

Most banks have accommodating policies for credit card theft. However, it can still be kind of a pain to cancel your card and all of its automatic payments. NerdWallet writer Virginia McGuire has a solution: designate a specific card for automatic bill pay.

After her credit card was stolen, McGuire went through the hassle of resetting her bill payment info. We’ve all been there, and she explains her solution:

Most of us have more than one credit card anyway. If you already have multiple accounts, it’s the easiest thing in the world to designate one credit card exclusively for automated bill payments.

I now keep that credit card at home — well-hidden and protected by a burglar alarm — and carry a different credit card for daily spending. That way, if my wallet takes a walk without me a third time, I won’t have to change the payment information on my Netflix account yet again.

Yes, that credit card info can still be compromised (maybe one of the providers gets hacked), but her method still minimizes the overall risk. It’s a smart idea, and an easy enough one to implement.

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