When you freeze your card, the issuer won't authorize any new charges or balance transfers to your account. More specifically, you cannot use your card to make purchases online or in person, and you can't transfer a balance to the card you froze.
Reasons to Freeze Your Card
- If you have temporarily misplaced your card and you want to prevent any unauthorized transactions.
- If you want to prevent yourself from spending.
Keep in mind that if your card was lost or stolen, the safest thing to do is to report that to the issuer as soon as possible. This way, you'll receive a new credit card with a new number, making your previous card invalid. Also, reporting a card lost or stolen will help prevent credit card fraud.
How to Freeze Your Card
In most cases, you can freeze your card directly through the issuer’s website or mobile app. Credit card freeze is also known as “lock.” So, after logging in to your account, you might have to navigate to “Lock Card” in order to freeze your card.
It’s also worth noting that there is no penalty or charge for freezing your account, and you can unfreeze it anytime you want.
Transactions that Remain Unfrozen
When you freeze your card, any recurring payments that you've already set up will continue to be processed.
Also, please note that interest charges will continue to accrue on the unpaid balance. So, you will still have to make at least the minimum monthly payment.
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