Now here’s a good idea. Discover Card consumers who lose track of the credit cards, but aren’t sure the cards are really lost yet, can temporarily “freeze” the cards with a new feature called “Freeze It.” New charges will be declined, which automated payments will continue, while the consumer continues to search for the card. Everybody wins here.
For consumers: While card replacement is relatively easy, it’s still a pain. Automated payments need to be updated, account numbers need to be changed, and so on. Sometimes, all that work is unnecessary, and the card turns up in a pants pocket within a few days.
For banks: Replacing cards cost money..even more money, now that the cards have embedded security chips. We’ve trained consumers for years to call immediately after a card disappears. Now, at least some of those cards won’t need to be replaced.
The freezes can be activated and deactivated via a mobile app, website or a toll-free phone call. They also trigger alerts if a transaction on a frozen, missing card is attempted.
“We’re giving our cardmembers a fast and simple security feature that gives them more control over their accounts and more peace of mind if a card goes missing,” said Julie Loeger, senior vice president of marketing. “The Freeze It feature adds another layer of protection to Discover’s continued efforts to increase cardmember security and help prevent fraud.”
Discover says it’s the only major card issuer with the feature. Expect others to follow suit if Freeze It is as popular with consumers as I suspect it will be.
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