3 Things You Should Never Carry in Your Wallet (2024)

July 14, 2011 — -- More than eight million Americans were the victims of identity theft last year. What the personal information thieves are looking for can often be found right in your wallet--which is why it's so important to know what's in there. Mellody Hobson, president of Ariel Investments, talks about what you should and should not have in your wallet.

1. Your wallet can contain your life, which is not always a good thing. Let's start with what we should keep in our wallets. Credit cards?

Yes, you should carry a credit card. But just one credit card. The good news is that most people now have two credit cards, which is down from three cards just a year ago. I like this trend. The more cards you carry, the more likely you are to over-extend yourself. Also remember even if you have a credit card in your wallet but never use it, it adds to your available credit, which affects your credit rating.

2. So you should carry some cash?

I do think it is important to carry some cash. Studies show that when people use plastic versus cash they spend 12-18 percent more. Also, you don't want to use your credit card or debit card to buy things like gum and other small purchases. If you're just paying your minimum balance, you could end up paying interest on those small purchases.

3. We all remember George Constanza's wallet stuffed with receipts. Should we save all our receipts, and is our wallet the right place to keep them?

Receipts not only clutter your wallet, but they could contain information about you that identity thieves could use. So you should take any receipts out of your wallet every night. Either reconcile them at the end of the week online against your bank account or credit card website, or save them until the end of the month and reconcile them against your monthly statements. But don't store them in your wallet.

4. What else should you not have in your wallet?

The number one thing you should not carry in your wallet is your social security card. If it gets into the wrong hands, it can be used for everything from buying a car to opening a credit card. You should also never carry your passport in your wallet. Even if you are traveling in a foreign country, leave your passport in your hotel and just carry a photocopy of the picture page. And of course do not keep a list of your pins and passwords in your wallet. That would be a gold mine to a thief. Keep those passwords at home.

5. What else should we take out of our wallets?

Don't keep anything in your wallet that has expired. This includes old credit cards or membership cards. Just because they've expired doesn't mean thieves will not try to use them. Also remember most of them have at least your name on it, and probably your address and other personal information. The more information you can keep out of the hands of others, the better.

Many people carry old hotel key cards in their wallet. Although almost all U.S. hotels do not put personally identifiable information on their key cards, the cards can often be used to make purchases at the hotel spa or gift shop. My best advice is destroy them after you have checked out, you don't need to return them to the hotel.

Mellody Hobson's Extra Tips:

• Get a smaller wallet. This will force you to only carry around the essential items.

• If your wallet is stolen make sure you file a police report immediately, and contact all three credit reporting agencies, your credit card companies, and your bank.

• When you are traveling, make sure you keep your wallet in your front pocket, that way it will be a lot harder for someone to pickpocket you.

3 Things You Should Never Carry in Your Wallet (2024)

FAQs

3 Things You Should Never Carry in Your Wallet? ›

For two reasons. One is that no matter where you go on your travels, you're probably bringing your wallet along. So keeping anything that might come in handy inside means you'll always have whatever you need at hand. The second reason is that a crayon is said to make sure your cards remain intact.

What shouldn't you carry in your wallet? ›

Things You Shouldn't Keep in Your Wallet:
  • Social Security card. ...
  • Multiple credit cards and credit card receipts. ...
  • Checkbook, or even one blank check. ...
  • Work ID card.
  • Passport or passport card.
  • List of your passwords.
  • Gift card not fully redeemed.
  • Birth certificate.

Why should you always carry a crayon in your wallet? ›

For two reasons. One is that no matter where you go on your travels, you're probably bringing your wallet along. So keeping anything that might come in handy inside means you'll always have whatever you need at hand. The second reason is that a crayon is said to make sure your cards remain intact.

Should you keep your SSN in your wallet? ›

Social Security number

Sullivan says your Social Security card and any identification or documents that include your Social Security number are perfect examples of what not to keep in your wallet. Those nine digits could make it easier for a fraudster to open loans or credit card accounts in your name.

Should I keep my passport in my wallet? ›

Key Points About: Things You Should Have in Your Wallet

On the other hand, you should avoid carrying items like your Social Security card and your birth certificate with you unless you need other forms of ID. It's best to keep items like your passport and online passwords in a safe place at home.

Should you carry a medical insurance card in your wallet? ›

Carrying your insurance card is a must when you have to go to the doctor. Keeping your health insurance card or Medicare card on you all the time can be excessive, though. Since these cards contain personal identifying information, Edleson warns criminals can use this data to win benefits for themselves.

Should I carry my Medicare card in my wallet? ›

Carry your Medicare card with you when you're away from home. Show your Medicare card to your doctor, hospital, or other health care provider when you get services. If you have a Medicare drug plan or supplemental coverage, carry that plan card with you too.

What is good luck to keep in wallet? ›

Astrologers recommend keeping a picture of goddess Lakshmi sitting on a lotus in your wallet. Lakshmi is the goddess of wealth, abundance, and propensity. Shree Yantra : Keeping a sacred Shree Yantra in your bag will make your life more positive and increase financial prospects.

Why do thieves hate the crayon in wallet trick? ›

Psychological Barrier: Beyond their practical deterrent effect, crayons can also create a psychological barrier for thieves. The presence of crayons suggests that the owner may have intentionally placed them there as a decoy, leading the thief to question what other surprises or countermeasures might await them.

How much cash should I carry in my wallet? ›

“We would recommend between $100 to $300 of cash in your wallet, but also having a reserve of $1,000 or so in a safe at home,” Anderson says. Depending on your spending habits, a couple hundred dollars may be more than enough for your daily expenses or not enough.

What are the last 4 digits of Social Security number? ›

The nine-digit SSN is composed of three parts: The first set of three digits is called the Area Number. The second set of two digits is called the Group Number. The final set of four digits is the Serial Number.

Should you carry a blank check? ›

Never carry blank checks in your wallet. If stolen, blank checks can make you a victim of check fraud.

Where do you put your passport when going through airport security? ›

The bottom line: always, always, always keep your passport on your person or in your personal item — one that will never be gate-checked.

Should I keep a photo of my passport on my phone? ›

With access to these details, a criminal could open bank accounts in your name, apply for credit, or use your details to commit identity theft. Having access to your passport picture alone can lead to criminals selling off your passport details on the dark web.

Should I put a copy of my passport in my checked luggage? ›

Copies of all identification documents for travel

Having photocopies of your important travel documents can save you a headache if you lose your important travel documents. Keep your original documents in your carry-on or personal item. You can store one copy of these identification documents in each checked bag.

What colors should you avoid for wallet? ›

As it turns out, red could also mean excessive spending and result in your inability to save money. The colour red also signifies a deficit in finances. The colour blue is just as harmful for a wallet as it signifies the element of water. This means your wealth or money will flow out easily, the same way water does.

Is it OK to put coins in a wallet? ›

In A Coin-Friendly Wallet

You can feasibly place spare change in the center slot where cards normally go. But we recommend only carrying a few coins at a time so you don't accidentally warp the shape of our slim wallets.

What are the feng shui rules for wallets? ›

  • Feng Shui Colours/Elements Representation Chart.
  • Avoid Irregularly-Shaped Wallets.
  • Don't Fold Your Notes.
  • Find A Worthy Place For Your Wallet.
  • Ensure That Your Wallet Is Neat.
  • Never Place Your Wallet On The Floor.
  • Buy A New Wallet.
  • Add Some Lucky Symbols.
Feb 8, 2022

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