Things to Consider while Using Credit Card for an Online Purchase

Credit cards are one of the best ways to make online payment. It is more like taking a short term loan which depends on your credit rating. It comes with number of benefits and it is a good tool to build your credit as well. It gives you luxury to purchase various items and grab many online shopping deals without cash payment. Even online payments can be done easily through credit cards. However, there are always some risks associated with using credit cards for online payment and there are some things which must be considered before making payments through credit card. In this article, all these points are described in detail as below.

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Refund for Credit Card Payment

One of the most usual questions which come to anyone’s mind is how refund process is associated with credit card payment. Once the transaction is processed, if you wish to cancel the payment or ask for refund then you can either contact the card issuer bank or the payment website support. Generally the refund is paid to your online account or it gets settled to your secondary account associated with credit card.

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Transaction Fees

Transaction fees are the amount which is deducted from your credit card as you make online payment through another bank or during interbank payments. Generally credit card issuing banks don’t charge any transaction fees while doing online payments but this should be checked beforehand. Apart from this many people don’t realize the fact that online foreign payments are charged with certain foreign transaction fees, which is generally 1-3% of purchase price. Again, this transaction fees depends on bank and foreign exchange rate policies as well.

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Security

Most of us are attracted to using credit cards because of the deals associated with it but don’t realize the security issues associated to it. One of the biggest concerns of people using credit card is security challenges associated with credit cards. With the way online hacking and frauds work, one should be careful while making payment through credit cards. Due to rise in crimes, online ecommerce websites are becoming quite aware of frauds and have enabled SSL security (Secure Sockets Layer) technology to ensure that online credit payments are secure. Such encryptions have made nearly impossible to hack the online credit card numbers and passwords (PIN). Apart from that even banks have also enabled security mechanism like authentication through OTP (one time password) or by enabling a password access so that only authorized security is enabled.

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Transaction alerts

Another important thing which should be kept in mind while doing online payments is to make sure that you receive transaction alerts of all the money deductions or payments made through credit card. This depends or varies from bank to bank. Some of the banks also prompt for passwords while making online payments. Some of the online merchants or banks have also enabled 3D secure page transactions which prompts the user to authenticate the payments. You can opt for credit cards in which better alerts and security is provided.

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Keep your system secure

One of the key things which people forget while using their credit card is not ensuring that the system by which they are using credit card for online payments is not safe and secure. If your system gets hacked due to virus or malware attacks, then the hacker may get access of your credit card information and passwords. Since credit card payments or transactions are not protected, so it may be sensitive information which needs to be protected. Make sure that you keep the systems secure while doing online payments through credit cards. This also includes making payment through mobile as well.

Customer service

Most of us use credit cards of different banks and the credit cards also provide assistance program as well. This assistance program may include purchase protections, losses, travel accident insurance and other many offers while making online payments. All these services are provided by different credit card providers varying from bank to bank.

Final Words

Credit card is one of the convenient tools which have made online payments quite easy and trouble free. It offers a lot of flexibility to the user but one should be careful about certain above stated points before making online payments.

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