Golden Rules

  • Choose the card that is most suitable for you. Israel’s charge card market is very competitive. Both banks and credit card companies issue cards. When you choose a credit card, it’s important to understand the terms in the contract that relate to interest, fees, and benefits that the card offers.
  • Keep regular track of movements and charges with the card by using the Web site. At the very least, check the monthly statement that is sent to you.
  • Has your card been lost or stolen? Notify the credit card company. This will protect you against any future unauthorized charge made with your card.
  • Be careful not to irresponsibly divulge details of your credit card over the phone or online, especially when you are not the one who initiates the inquiry. Be all the more cautious when you are contacted by sundry players who try in various ways to get your credit card details out of you.
  • Keep your secret code secret. Don’t give it to any third party and don’t divulge it when using it. Keep it separate from the card. That way, you’ll be able to prevent a situation in which, if your wallet is lost or stolen, a third party will use your card without authorization to withdraw cash from ATMs until the card is blocked.
  • When you sign up for a card, make sure to ask the service rep to explain what the card is all about, what its characteristics are, and how is used (especially if it’s a revolving credit card). It’s important to know that representatives of credit card companies are allowed to sell cards in retail outlets but have to do it at a separate stand that has an appropriate sign. These representatives are required to disclose all material terms of the contract.
  • Use the card responsibly. Sometimes it’s so easy to “swipe” a credit card that the customer becomes profligate. Remember that installments also come due at regular times.
  • Cancel unnecessary cards and try to put all uses on one card. That way, you’ll save on card fees. Cancel old cards that you’re not using.
  • Remember that when you use your credit card abroad, your bank account is debited right away and not on the monthly payment date unless your card allows you to defer debiting to the monthly payment date.
  • Belonging to clubs may lower the cost of using your card and save you money on the purchase of goods and services. In fact, more and more credit cards are also customer clubs that give various benefits and discounts. Sometimes you’ll get discounts and exemptions from card fees by belonging to a club. Although the promotions are very attractive and alluring, it is always important to find out how long the discount will last and what its restrictions are.