'Transaction Declined': 7 Reasons-- Why and How?
Oops! Invalid Card:
If a person is using an add-on card and happens to find that the transaction is declined. It is highly likely that the primary user has either reached the maximum limit or might have closed that account, in either which case the ‘add-on’ card holder cannot have access to the account any longer.
Watch Out the ***: Change in Terms and Conditions:
Do you have multiple credit cards from a same bank? Then you must be clear about the bank’s terms and conditions. If you default payment on one of the cards you own from the bank, it is likely that the other cards will also be blocked automatically.
Banks have access to CIBIL credit score to observe the creditworthiness of a credit-card holder. If the bank feels it has to lower your limit, it will give you a notice and declines the transaction. This applies not just to credit holders of same bank, but also to those who have multiple cards from multiple banks.
Write to the Bank when you are in Unknown Location:
Yes, keep your banks posted about your upcoming foreign trips. It is natural that all your past transactions have been made in India and one fine day there is a transaction happening from Russia, banks will decline the transaction considering it to be a fraudulent one.
A wise person would inform the bank or the credit company about such a trip well in advance in order to avoid any disturbance during the trip.
Also Read: 10 Reasons To Say No To New Credit Cards
