How To Freeze A Credit Card – Freezing a credit card depends on your financial goal, so therefore before you think of freezing or closing your credit card you need to carry out research to determine the best option for you.
There are certain reasons one might think of freezing his or her credit card and it’s account, and these reasons include;
- If your credit card is lost.
- If your credit card is stolen
- If your credit card is used for a fraudulent transaction.
- If you are struggling to repay a debt.
- If you want to stop spending more money.
You should contact your credit card issuers immediately you notice any of the above reasons and provide them with reasonable information’s about your credit card account, in order to identify your account and freeze it immediately.
Most credit card issuers have given it’s users the opportunity to freeze their credit card accounts via the issuers mobile app. They allow you to freeze the credit card account to a certain time and will not allow you to unfreeze till that time reaches.
For example, if you request to freeze your credit card for 3-months, your credit card issuer will freeze the credit card but you cannot unfreeze the credit card again until the 3months time. For this reason, it is advised to think over it before making the decision of freezing your credit card accounts.
Freezing your credit card is the best and easiest way to keep a cybercriminal away from establishing a new account in your own name. Once you freeze your credit card, you have totally prevented creditors from accessing your credit history.
The good news is that many card issuers have made freezing of a credit card or cards free, simple to request, have no effect on your credit score, and protects you from identity theft.
Someone asked – Does freezing a credit card affect one’s credit score?
Freezing a credit card is the best way to protect your credit score and not to harm your credit score. It does not affect your credit score but it helps keep you safe from being approved for a new credit card or a loan by cybercriminals.
Your credit score will only adjust because it is calculated from the data accumulating in your credit file, therefore having a positive credit history will help increase your credit score.
Aside from the credit score, freezing a credit card does not affect you using your existing credit card account.
Finally, freeze a credit card
In freezing a credit card, you’ll have to do so with each of the 3 credit bureaus. All you need do is;
- Login in to your credit card account.
- Provide your personal information.
- Answer a few questions to very your account identity.
- Create a pin.
This process takes leads than 10 minutes to be accomplished.
Note; you can make your request for freezing a credit card to the 3 bureaus by mail, phone, or online. If you place a request online or by phone, your request will be accomplished within a working day.