<u>Contact the credit card company is the first action we should take if we suspect there has been a fraudulent charge on the credit card.
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Further explanation:
Credit card:
Credit card is issued by financial institutes such as banks. A credit card is a plastic card that allows the cardholders to borrow the funds from the respective bank and spend the funds as per their requirements. A credit card can be used for the purchase of goods and services. A credit card has a specific limit. It is known as a line of credit (LOC). The cardholder can withdraw or use the funds up to the LOC. The cardholder has to pay the borrowed amount along with interest on the borrowed funds after a specific period of time, which is defined and stated at the time of issuing the credit card.
Steps to be taken if a fraudulent charge on the credit card happened:
- The first step is to inform the credit card company regarding the fraudulent issue.
- Change the password or pin of the credit card.
- Inform the company and call the police of the region.
- Check the statements of the credit card.
- Check the online shopping details.
- Maintain the balance and keep an eye on the amount of the credit card bills and statements.
Thus, the first step is to inform the credit card company regarding the fraudulent charge onthe credit card.
Learn more:
1. Common credit card fee
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2. Charging fee in case of credit card
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3. Consequences of non-payment of monthly credit card payment
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Answer details:
Grade: High School
Subject: Business studies
Chapter: Money and banking
Keywords:What is the first action you should take if you suspect there has been a fraudulent charge on your credit card, statements, cards, online shopping, credit card bills, shopping, credit card company, password, pin, keep an eye, police, region.
