There have been several instances of unauthorized transactions, especially international transactions, on cards even while the cardholder is in India.
Citibank credit card holders can heave a sigh of relief as a new safety feature has been introduced which was long awaited by them. The bank has started the ‘Quick Lock’ feature on its cards wherein the cardholders can ‘Switch on/off’ the transactions on their cards. Such a facility helps keep the unauthorised transactions across domestic point-of-sales (POS), online purchases and even international transactions at bay.
There have been several instances of unauthorized transactions, especially international transactions, on cards even while the cardholder is in India. The Quick Lock feature allows one to block both the domestic as well as international credit card transactions. Now, you need not have to rush and call the Citibank credit card customer care as any unautorised trnasaction will not go through.
How to lock or unlock
While several other credit card issuers already have this feature in place, Citibank has recently initiated it which may be enabled by accessing their website or their mobile app on one’s smartphone. Citi Mobile app and online website offer Quick Lock capability to cardholders where they can switch on/switch off domestic and international transactions on their cards post login through IPIN or biometric authentication. You just need to use your citibank credit card login credentials to block or unlock the card.
Set daily limits and international transactions
Also, if you have a higher card spent limit and wish to set a lower daily spent limit, this feature allows you to do so. You can set daily limits for both online and merchant transactions thus restricting the damage. However, remember, any unauthorized transaction i.e. not initiated by you after an investigation by the card issuers are reversed and show up in the statement in the next billing cycle.
If you have set a specific limit for daily transactions at merchant establishments but find that the amount needs to be re-set, you can change it and the effect will be instantaneous. The set up done by the cardholder will be instant and any subsequent transaction will be declined until cardholder manually updates the switch on/off setting on online channels. Similarly, if the customer switches off the functionality the set-up will be instant and any subsequent transactions will be approved.
By using the Quick Lock feature, there will be no impact on standing instructions or ECS, the bank initiated transactions or EMIs and they will all go through as usual.
For credit cards, the Quick Lock feature will:
- Impact all Domestic/International transactions done on the card, including online shopping, in-store POS at merchant stores, online recharge, cash withdrawals from ATM, bill payments, pre-authorization transactions, new loan bookings, reward redemption requests, etc.
- Not have any impact on pre-authorized/recurring transactions including but not limited to EMI conversion of a purchase transaction, setting up new Standing Instructions, ongoing Standing Instructions set by the customer, etc.
- Allow users to set daily limits within the maximum credit limit set on their Credit cards across POS and Online transactions. These limits are common for domestic and international transactions. The functionality allows customers to set sub-limit at POS and Online transaction.
A transaction that takes place when a product or service is purchased, using systems like EDC(Electronic data capture) or the card swipe machine, it is called Point of Sale transaction. So, if you giving your card for swiping it after your dinner at a restaurant, you are completing a point-of-sale transaction. A transaction that consists of the purchase of products or services over electronic systems such as the internet and other computer networks is called Online transactions.
So, unless you are planning an international trip with your family anytime soon, it’s better to lock such transactions immediately.