Credit Card Bankruptcy Fraud ~~Financial Matters of Life ~~
Credit Card Offers: are better than a debit card?
Everyone knows that a credit card is a useful tool in managing money. But it is also a great responsibility. Immature credit card users quickly get into debt. They can not pay their balances and end up declaring bankruptcy. That's why many people believe that credit cards cause more problems than they're worth and it is better to use debit cards.
There are several obvious advantages of debit cards. You can not spend more money than you and therefore getting into debt. You do not have to pay extra fees and APR.
However, those who advocate the use of cards Debit forget one very important thing – security. No need to discuss the urgency of the problem is with credit / debit card fraud in the top seven among the categories of Internet crimes reported by Internet Crime Complaint Center. Even if you do not perform cashless transactions on-line information Still your card can be stolen anywhere in the plastic used for payment – in a restaurant or a gas station.
And even if your personal information is not stolen, you can just overload their own shopping. And the question is always – how exposed I am in favor of these transactions?
The answer to this question depends on the type of plastic I use.
All debit card transactions are regulated by the Law of Electronic Funds Transfer. According to this law has to report the unauthorized transaction to your bank in two business days and your liability is limited to $ 50. You are given two months to report the fraud to your bank if want to pay more than $ 500. After two months you are fully responsible no matter how outrageous that the transactions are.
Some banks offer the called "limited liability" policy for their clients. But even if you think you qualify for repayment the bank has the right to decide if you have the proper diligence in the protection of plastics. In other words, the bank may indicate that fraud is your fault and you should be responsible for all operations.
Credit cards are a very different story. Under the Fair Credit Reporting Act, the bank can not be held responsible for unauthorized charges. If you check the terms and conditions of your credit card you can see the sign of Zero Liability.
If you have become a victim of credit fraud you need remember that their responsibility is limited to $ 50 regardless of the amount of money transferred from your credit. All you need do is claim the charge is unauthorized. Of course, there is a quick and easy process and will have to prove that you did not authorize the operation. But still better than having to pay for something you never purchased.
So if your are still deciding whether you need to apply for a credit car offers or continue to use your direct debit to think how many problems can be avoided with a credit card.
About the Author
Sharon W.Henry is widely known for her articles on credit card deals. She is especially interested in consumers credit card deals.
How to Reverse Credit Card Charges
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