Credit Crad PinSome people are surprised to find a PIN enclosed with a new credit card. Most people associate a personal identification number with debit or ATM cards, not credit cards. So what is a credit card PIN, and why would you ever need one? Let’s discuss what a PIN is good for.

You have probably heard of a credit card cash advance before. A credit card cash advance is a financial product for people who are short on cash and need it immediately. To get a cash advance, you need only to go to the nearest ATM with your credit card and credit card PIN in hand. Simply insert your card, request the amount of cash that you need, and finalize the transaction by entering your PIN to get cash immediately.

Not a Daily Deal

A credit card cash advance is not supposed to be something you use for convenience. Cash advances have high fees and obscenely large interest charges because the transaction is so risky for the credit card company.

If you don’t anticipate needing a cash advance, simply throw your credit card PIN in the trash. Having your PIN number printed on paper is a good way to risk credit card theft or fraud if someone else uses your card to get a cash advance. Plus, a misused credit card with cash advance charges is something that few banks take seriously. Credit card companies aren’t always willing to easily reverse a cash advance, since it may just be that the cardholder wanted some free cash on the credit card company’s dime.

So get rid of your PIN, or put it somewhere safe. If you ever need it in the future for whatever reason, the credit card company can always mail you a new card and PIN in as little as a few days when you might need it.

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