Dos & Don’ts

Dos & Don'ts



If there are double charges on your card but are still authorizing (most likely say pending on your online banking) it is safe to say that the bank cannot remove them. This is because the credit card is a tool for money to be taken out of. This means if there is a double authorization, the company that sent the request for funds must cancel the authorization.


Do not wait until last minute to make a payment. Many people forget about their payment due date and even more forget that payments are not processed on weekends. A lot of times payments can take 1 business day during the weekdays to process. Therefore, take your time but don’t cut too closely. If you do there is a very real possibility of being late or even missing a payment.


If you’re young and are thinking of getting a credit card, do not get one unless you have some sort of income to regularly make payments to that card. A huge mistake young adults make is getting a credit card and not paying it back (because they forgot or are unable to). This will eventually impact your credit score leaving you crippled for future loan and investment opportunities.



When getting a credit card the number one thing people should do is set up automatic payments. This takes the stress off of remembering to pay your credit card on time. Automatic payments take money out of the selected account on time every month so no payment is ever missed or late. There is one drawback though if there is no money in the account where the money is coming from, it is possible to incur a $45.00 penalty called the Dishonor Fee.


If you lose your card and there are unauthorized transactions on the account, call the bank immediately in order to freeze the card so no other charges can be made. They can also work on getting the money back that was also stolen from the card as well.


This transitions into the next section which is refunds or chargebacks. It was previously stated that authorization cannot be canceled. If a charge is posted banks can definitely have a look into it. However, disputing a charge should only be the option if the company that wrongfully charged the card neglects responsibility. If this is the case, an individual can call the bank and request to speak with the disputes. They can then file a claim for the amount of money that was taken from the card. Timeframes and amounts may vary depending on the situation.


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