PSA: The "dangers" of blocking your credit card
Locking credit cards for security can inadvertently cause users to lose out on bank rewards and welcome bonuses if the card is blocked during the bank's verification or fulfillment process. Financial institutions like Standard Chartered and UOB may disqualify users from promotions if their accounts are not in 'good standing' at the time of processing.
Why it matters
Consumers need to be aware of the hidden financial risks associated with common security practices like temporary card locking.
In one sense, locking your credit cards whenever they re not in use is the smart thing to do, because it reduces the attack surface for would-be fraudsters. If you only need your cards to be active for five minutes each day, why keep them unlocked the rest of the time?
The article provides consumer advice based on bank terms and conditions without ideological bias.
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