How To Prevent Your Credit Card From Being Demagnetized
There is nothing more frustrating than continuously swiping a credit card into a reader without result. When the credit card machines cannot read a card, it is usually because the credit card has been badly scratched or demagnetized.
Unlike those old days when credit cards still used a roller, today’s credit cards use a magnetic strip on the back. It contains small pieces of iron that are arranged in binary form that stores important user information. When a magnet is placed too close to the card, iron particles are demagnetized and will make your card unreadable. When this occurs, the card must be replaced immediately.
Since then, some banks charge a fee for replacement card, the best strategy is to prevent your card from being demagnetized. When magnetic credit cards are introduced 20 years ago, wallets made from eel skins are suspected as the cause of faulty credit card or ATM card. In theory, certain species of eel can create strong electrical current and the skin may still have a residual charge to demagnetize the card. The problem with this hypothesis is that wallets made from eel skin cannot be made of electric eels.
Those who have worked in grocery stores were surprised to see why cards stored in eel skin wallets seem to be more easily demagnetized compared to those made from cowhide. It turns out that the culprit was not the skin, but the little magnets on the clasps. Because eel skin is quite thin, the magnet is not powerful enough to encrypt the data completely.
Magnets erase data inside the card through particles realignment and make them completely unreadable. One way to prevent your card from being demagnetized is to avoid magnetic field. Common appliances such as include television set or speaker have strong magnets.
MRI is one thing that you should consider when visiting a hospital. The MRI scans your body using a strong magnetic field, and obviously it will also go through, protective card holders and wallet. Of course, you wouldn’t bring your wallet during a MRI scan, but you might enter the room or put your wallet near the machine, (for example, when you’re accompanying someone or you work there).
Although magnets are typical means of destroying data, neglect can also ruin the magnetic stripe. Men seem to face more problems with faulty cards than women, the difference are maybe on their habit. Most women use dividers to separate their cards, while men tend to stack them together. Storing your cards back to back may damage or erase the stripes, making them unreadable.
Some people resort to purchasing ppi to help them avoid losses in case their credit cards become demagnetized and a replacement is necessary. Though this may sound helpful, it is important that the cardholder be familiar with the terms of coverage. If ppi does not cover instances of losses arising from demagnetization, then ppi claims may be necessary to assist the recovery of premiums paid.
Four Hidden Credit Card Perks That You Might Not Know
Credit card perks are one of the common reasons that people made purchases with their cards. While you know how to get reward points, there could be many hidden benefits in your credit card that you do not know and you may be eligible for some of these hidden perks.
1. Car rental insurance
When renting a car, it is likely that the rental company tries to sell an insurance policy on the car. Many people allocate extra money to buy the insurance because they are concerned about having to pay for damages after an accident. However, if you have a credit card, you shouldn’t be worry about it. Many credit cards also offer car rental insurance each time you pay with your card. This might be an important source of savings if you often use car rental services.
2. Extended Warranty
Many card issuers also have extended warranty coverage on many different items you buy. If you do a lot of large purchases, for example electronics, this could be a great advantage, for example, when you buy a widescreen TV, many merchants try to offer an extended warranty. In most cases, this can be as high as several hundred dollars. However, if you buy the TV with your card, perhaps you already have an extended warranty included. Many credit cards offer an extended warranty that is larger in amount a normal warranty. This service is usually offered free of charge. Therefore, you can avoid spending extra money on extended warranty.
3. Purchase Protection
You can also enjoy protection on your purchases with your credit card. It means that if you buy something and you do not want it, you can return the item and cancel the transaction. This is true even if you’re dealing with a store that refuses to accept returned goods. You can simply call your bank and it won’t pay the merchant. It gives a lot of power when you go shopping, because you won’t be stuck with something that you don’t need.
4. Roadside Assistance
Another advantage that many people don’t realize they have with their current credit card is the roadside assistance. Many credit cards have free roadside assistance only for customers. If you drive on the highway and you have a flat tire or run out of gas, your credit card company may be able to ask someone to help you.