Recently I discovered via my credit card statement that I had fraudulent activity of $350 to an online company. I called Citibank and they were great. The weird thing about this “fraud” is that I don’t even use this credit card as it has a balance transfer balance on it. They cancelled my card and sent me a new. Life is good again.
I was reminded of this fraud protection I had when I was reading a Bankrate story on Debit Card security and protection in 4 wrong places to swipe your card. Did you know that you do NOT have the same level of protection if someone steals your debit card as you do if you were using a credit card? I have run across several nannies and folks that only use a debit card for purchases. Sure it is the “way to go” to stay away from debt building, but it doesn’t really help you if your information is stolen and charges have been racked up. I believe I will always use a credit card for this reason and the fact that if I lose a receipt and need to return something the majority of companies can scan my credit card to get the price & receipt pulled up, therefore giving me a refund. Cash without a receipt means you lose out of the price you originally paid 99% of the time. What I like about using the credit card is that I receive cash back with my no annual fee American Express. I also can transfer money daily to my AMEX each time I use it from my checking account so that is paid off daily and/or monthly without incurring debt.
As we are nearing the end of January, make sure you review your protection for unauthorized charges on your debit card and credit cards. Make the best choice for protection for your situation.
- Debit Cards are different
- Skimming ATMs
- Stealing PINS at gas stations
- The Web is a risky place
- Restaurants keep customers information on file
to read the details on these 5 points please visit Bankrate’s article at