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benefits of credit monitoring

If a credit card is your go-to for daily transactions, bills, or anything in between, it probably feels like you have little reason to pose the question “What is credit monitoring?” 

You pay your bills on time, review statements online, and even check in on your mobile banking app with a morning cup of coffee. However, credit monitoring as a service refers to the solution offered by financial institutions that provides maximum security by tracking activity and sending updates …. straight to your smartphone or tablet! 

At 1st Ed Credit Union, we believe that our members should be able to take control of their credit, which is why we suggest CardNav to all credit card holders. Here are three ways you can stay on top of the ball financially by signing up for CardNav.

Monitor Credit Card Spending

While you may have recently scored a shiny new VISA® credit card from 1st Ed, this isn’t your first rodeo when it comes to paying with plastic. With zero balance transfer fees and competitive rates, you can finally focus on paying off only the debt you owe — while staying within budget. 

So how can credit monitoring help you achieve this goal? For starters, CardNav lets you control how and when you use your card. It’s easy to overspend every once in a while, but doing so without realizing it until your credit card bill comes can make for an unpleasant surprise. Luckily, card controls give you the option to receive alerts when you get closer to reaching your monthly spending limit so you never miss a beat. 

Secure Lost or Stolen Cards

In a perfect world, a good samaritan would track down any cardholder who has left his or her wallet behind. From unclosed restaurant tabs to innovative criminals, there are numerous reasons as to why you may find yourself victim to a lost or stolen credit card. 

First things first: don’t wait to secure your card in hopes that it may “turn up” soon. With credit card monitoring services, you have the ability to turn your card off in seconds, preventing any fraudulent activity that might occur if it lands in the wrong hands. 

If you realize that your wallet has been hiding under a pile of laundry the whole time — no need to fret. You can turn your card back on with the click of a button, too. It never hurts to be extra cautious! 

Prevent Fraudulent Activity

Maybe you’ve already got a “phone, keys, wallet” check in place. You take pride in never falling guilty of leaving your credit card behind! While a sturdy wallet and thoughtful organization are helpful in ensuring that your card is on you at all times, it doesn’t mean you’re guaranteed to escape fraudulent activity. 

In our digital age, hackers have come up with all kinds of ways to install malware on your mobile devices. Malware geared towards the recording of your personal information means that hackers can snag your credit card number in a matter of seconds. But with credit monitoring services, you’ll enjoy an added layer of protection that can prevent fraudulent activity before it occurs. 

If your credit card information is somehow accessed over the web, it’s highly unlikely that the criminal is operating out of your specific zip code area or town. Consider using CardNav’s GPS function to restrict any transactions within designated areas. You can even receive real-time, in-app alerts that let you stop unauthorized purchases before they’re complete. Now that’s some high-level credit card security!

To learn more about how you can take control of your credit card, check out CardNav from 1st Ed Credit Union. 

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