Frequently Asked Questions

Who is accountable for my credit card debt subsequent to my death?
If the person in whose name the credit card is issued dies, the credit card debts will be paid by the spouse, if he or she is still living. If not, it will be the personal estate of the user of the credit card who will be obliged to pay off the debts.

How do you inform about credit card fraud?
If you misplace your credit card or if you recognize that the credit card has been misplaced or stolen, right away contact the issuer. If you smell a fraud on your credit card, the issuer will at once take action to find about the claim.

Whom do I inform in case of credit card fraud?
If you misplace your credit card or find that it is lost or stolen, contact the issuer right away. If you smell fraud on your credit card, the issuer will take action at once.

What will happen if I am not able to pay my credit card bills?
If you are not able to pay your credit card debts, the credit card companies will sue you and this leads to you getting a bad credit rating. The credit card companies will also bully and harass you into paying the credit card debts as soon as possible.

Will settling a credit card debt damage my credit?
Settling credit card bills is always good since you escape the high interest debt that is mounting day by day. But if you are using a debt counselling company to pay off the debts, it will be visible on your credit report. But don’t worry if you had take action against debts because the length of time that has passed since then is also considered while calculating your credit score.

Is credit card insurance necessary?
If you are concerned for your family and if you believe in the uncertainty of life, you will need credit card insurance. Credit card insurance will pay for your credit card bills in the event of your death or inability to work. Also included will be protection from credit card frauds. All of this at a small price.

Is taking a secured credit card preferable?
If you have bad credit and are unable to find a credit card due to constant refusals, a secured credit card will be a good option. They work just like a secured loan, putting the credit card provider in a less risky position.

What should I do if my credit card is lost or stolen?
You must report the loss or theft of the card as soon as you know of it. Many credit card companies have toll free numbers for this purpose. Immediately after the phone call, forward a letter with your account number and the date you reported it stolen.