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Unsolicited services that accompany credit cards pose security risk

Increasing competition between banks has led many of them to promote credit card memberships that come with perks such as cashback, reward points, shopping vouchers and free gifts. With these cards come other services such as bank transfers, easy loans, and Internet and phone-banking facilities, bringing with them an array of confidential PIN numbers that customers may not even need.

Increasing competition between banks has led many of them to promote credit card memberships that come with perks such as cashback, reward points, shopping vouchers and free gifts. With these cards come other services such as bank transfers, easy loans, and Internet and phone-banking facilities, bringing with them an array of confidential PIN numbers that customers may not even need.

Having unused but valid PIN numbers poses security risks to both the customers and banks.

Supplementary cards are also issued even when the cardholder did not apply for them. Fees are charged for supplementary cards even when no transactions are done. If an errant cardholder were to accept all these extra services and default on payment, would it not be detrimental to the banks and credit card companies? Customers also need to request to terminate these services over the phone, which is a waste of time and resources.

These companies can save on resources and be more eco-friendly if customers were asked whether they would like extra services when they apply for the card.

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