Even if you lock your credit cards away or put them in ice to help prevent you from using them, you’ll want to always check the statements. We “retired” some of our cards and for the longest time I wasn’t keeping a watchful eye on them for fradulent use. There was no way that someone could use them, right?
Well, I just read about a low-tech scam out there where thieves are trying random credit card numbers and when they find one that works, they cut out the numbers from an old card to form the working number and glue them onto a new card. They scratch the magnetic strip on the back so clerks have to punch in the number.
My concern with our old cards was that our number was out there at previous places we have shopped at and that the number could get stolen that way. So on the cards we are not using, I placed email alerts on them and I also signed up for Mint.com. They give me a financial summary every week of our credit card balances. So far, I like this system since it helps me to keep a watchful eye on those credit cards we aren’t using.
But pretty soon…it will be time to cut up almost all of the cards. I’m really looking forward to that 😉