What is the importance of a signature on the printed slips generated when one uses a credit card? I don’t understand its use, especially when we all enter an OTP/PIN these days.
Suresh Gopal, Hyderabad
Yes, signing on the credit card receipt may come across as a futile exercise. However, your signature is the only trail that is available with you in case of any discrepancies later on with the merchant as well as the card issuer. For instance, if there is a mismatch in the transaction or the merchant inadvertently bills you for a higher sum, the only way you can counter the mismatch is to have a receipt with you. So, for your own security, it is important that you sign on the printed slip. Yes, you will also have an sms alert or an email update about the transaction. However, it is the transaction slip that is used by the card issuer as a point of dispute resolution.
