Handling Credit Cards
Credit cards are an essential tool for managing personal finances. However, they can also be a source of financial stress if not managed correctly. To ensure that you are using your credit cards effectively and responsibly, there are several guidelines you should follow.
Firstly, it is important to keep track of your spending. Make sure to regularly check your credit card statements and keep a record of your purchases. This will help you stay within your budget and prevent overspending.
Secondly, always pay your credit card bills on time. Late payments can result in hefty fees and damage your credit score. Set up automatic payments or reminders to ensure that you never miss a payment deadline.
Thirdly, be mindful of your credit limit. Do not spend more than you can afford to pay back. Ideally, you should aim to use no more than 30% of your available credit.
Finally, be wary of credit card fraud. Keep your card information safe and only use reputable merchants when making purchases. If you notice any suspicious activity on your account, report it immediately to your credit card company.
By following these guidelines, you can ensure that your credit cards work for you, rather than against you.
- Confirm that the name on the card is the same as that of the individual presenting the card for payment. Use a driver’s license or other acceptable form. of identification for this purpose.
- Examine the card for any obvious signs of alteration.
- Confirm that the card is valid, that is, that the card has not expired and is in effect.
- Compare the signature on the back of the card with the one produced by the guest paying with the card.
- Initial the credit card receipt. This should be done by the employee processing the charge.
- Destroy carbon paper, if used.
- Take pre-authorization based on the hotel policy (normally complete room stay charges) and save the pre-author code in the appropriate field or place.
- Keep credit card charges that have not yet been processed in a secure place, to limit the possibility that they could be stolen.
- Do not issue cash in exchange for credit card charges.
- Do not write in tip amounts for the guest. These should be supplied by the guest only, unless the tip is mandatory and that fact has been communicated in advance to the guest.
- Tally credit card charges daily, making sure to check that the preceding procedures have been followed. If they have not, take immediate corrective action to ensure compliance.
- Always use the credit card tokenization function If your hotel software supports the same. This will avoid the need to store actual credit card data in the hotel software.
Also, read Tips for Resolving Declined Credit Card