When you make a purchase with a credit or debit card or you try to withdraw money from an ATM, you may find that your card has been rejected. There are many reasons why credit and debit cards are rejected, such as reasons related to your balance, security, and other reasons.
Depending on your financial institution and its rules and regulations, there are many reasons why your card may be rejected in relation to your balance. You may have exceeded your credit card limit. If you’re using a debit card, you may have miscalculated and the money may not be available in your account. Some credit and debit cards have daily money limits, you may have exceeded this limit. According to Visa, many debit cards have a limit of $1,000 when withdrawing money at ATMs. If you exceed that daily withdrawal limit, ATMs won’t allow you to withdraw money again until the next day.
If your financial institution has reason to believe that your card has been stolen or that security has been compromised, this will result in the card being rejected immediately. If you’re using a debit card, you may have entered a personal identification error. If you are making a purchase online or over the phone, your payment address, expiration date, and security code must match the information your financial institution has for your account. If any of this information is incorrect, this will result in your card being declined. Cards that have been reported lost or stolen will be declined. Also, depending on the security procedures of your financial institution, other things can cause a decline, such as too many transactions in a day or in a month, according to Bank of America.
If your card expires, it will be rejected. Sometimes, people forget to activate their new card and that causes a decline. According to U.S. Bank, you may have accidentally used an old card on your closed account.
While a credit or debit card being rejected is an inconvenient and embarrassing event, it often happens to keep your card safe. To avoid rejection, review your financial institution’s rules and regulations on balances and maximum allowed transactions. Also, keep track of the balance in your card and always know the exact amount in your card. Also, keep in mind your personal identification number; Don’t write it down. Notify the financial institution of any changes in your address; keep your latest address as your payment address.