Make Sure Your New Chip Credit Cards Do Not Interrupt Automatic Payments
More and more American consumers are getting their new fancy chip credit cards in the mail. We will soon get used to changing our payment method. But there may be some obstacles along the way, and one of them has already surfaced: missed payments.
As CNN explains, many consumers receive their new cards only to find that the old version is no longer valid. This means that any automatic payments linked to your old card need to be updated. Unfortunately, this catches some cardholders by surprise. People do not update their information and as a result, they are charged for late or missed payments. Netflix even attributed this to weak third-quarter earnings .
To make sure this doesn’t happen to you, compare your new card with your old one. Compare account numbers, expiration dates, and security codes. If there are changes, you will need to update any accounts or services that have your card.
Check out CNN’s full report for more details.
How You Could Get Burned With Your New Credit Card | CNN Money