In addition to what Chitra has said herein above,
1. Just black -out the CVV (the three digit no.) at the back of the card after memorizing it. Note it down somewhere for extra precaution. Still better to put a sticker on the blacked out CVV.
2. Never let anyone swipe your card out of your sight. The data is on the magnetic strip (black) on the back. Fraudsters keep a cloning machine under the counter side by side of the actual machine and they swipe the card on both the machines. The data is copied onto the cloning machine and a duplicate card is made later on. They have a glance at the CVV while swiping the card and memorize the CVV.
3. Make it a habit to not to be the first buyer in the line. Let someone else use his card first, watch what the man at the counter does. So, you will know what all needs to be done.
4. Never give a photo copy of your card to anyone in any case. It will be used to make a clone of the card like in #2.
5. Banks would not charge you anything for the transaction. They will charge the merchant 2-3% of the bill. So, if you are paying cash for anything, you can get 2-3% discount if you are a good bargainer.
6. Banks will charge you in seven ways (I could remember that much only for now)
a) They charge an annual fee. But it is waived off if you are a good bargainer. I have never paid any annual fee till date. Whenever they charge me anything like that at the time of renewal, I tell them to cancel the card and they waive off the charges & reverse the charges.
b) If you buy something costlier, say above 10K, they will offer you an EMI scheme. If you accept that, you are charged 11- 18% interest depending on the card type, profile of the user & tenure of the EMI.
c) In case of pre-approved loans, file charges are there.
d) If you withdraw cash from ATM using a debit card, generally Rs 20 are charged if you use ATMs of other banks. No charges if you use the same bank's ATM.
e) If you withdraw cash from ATM using a credit card, they charge a hefty interest like 3-5% on the amount withdrawn per month. Never do that if that can be avoided.
f) Never default on your credit card payments to keep your profile healthy & a good CIBIL score. A good CIBIL score is a sure shot key to getting a loan if required. Postpone other payments if the need be, but never default on credit card payments. A hefty late fee is charged for late payments and it spoils your profile & CIBIL.
g) Avoid falling for the minimum payment trap for credit cards. Again a hefty late fee is charged for payments and it spoils your profile & CIBIL.
h) An annual fee for debit cards is charged from every customer. It is around 100 - 150 depending on the bank. In addition to that some banks charge an annual SMS fee (less than 100) for sending SMS to your registered number
7 Like Chitra said, there is no limit on the number of times you can use the card for shopping at stores in a day, but there is limit on the amount that can be spent in a day on POS (point of sale)
8. There is no minimum or maximum limit on transactions, but the merchant may not agree to take payment for smaller amounts using a card.
9. Never keep the card & its PIN together. Memorize the PIN and destroy the mailer from the bank.
10. Do not save card details on a shared computer. If you are the forgetful types (which I doubt), you can save the card number , PIN and CVV on your mobile, but in a coded way. For example your card's no is ABCD-EFGH-IJKL-LMNO. It can be saved something like this on your mobile:-
mobile no of Tony --- -999ABCD123
mobile no of Gypsy---- 879EFGH123
mobile no of Gypsy 2---- 819IJKL123
mobile no of Tony 2 -- 999LMNO123
similarly for the CVV & PIN.
This is what I could recall off-hand. I will add whatever comes to my mind later on, if any. Feel free to ask in case of any doubt, no matter how silly the question may be. After all it is money.
And the ol' fashioned girl is welcome to the cashless world!
Hope that helps!
When you talk, you are only repeating what you already know. But if you listen, you may learn something new!