One of the most embarrassing things that we’ve all had to face is the dreaded “declined” card. It can be humiliating or even frightening if you aren’t sure exactly WHY you were declined. Did you already reach your limit? Did you forget to pay a bill? Is your credit score plummeting rapidly because of it?? Is someone trying to steal your identity?!? The mind can run wild and easily jump to the worst case scenario. But, it happens to everyone at one time or another, and knowing why is a huge step in not freaking out over it. Plus, if you know the possible reasons for decline, it makes it much easier to avoid. Bill Hardekopf at The Dollar Stretcher has compiled this list of the most common reasons why cards are declined and how to prevent each of them:
You have exceeded your credit limit. If you are unsure of how much money you have left to spend, check the “available balance” online or call the number on the back of your card.
You have made a suspicious charge. This can happen if you shop in an unusual place, have an high number of transactions in one day, make a very large purchase, or try to withdraw a lot of money from an ATM.
You have missed a card payment.
Your card will be declined if it is expired. Check the date on the front of the card and see if it is still usable.