In the last five years Credit Card have literally exposed in the Caribbean. Not long ago, the only people who had credit cards were professionals like lawyers, doctor, accountants, etc – now anyone can own a secured debt or credit card. Yep, once you’ve a steady income and you can meet the month payments you can own some plastic. In fact banks now are literally cramming these cards down people’s throat – on the other hand they’re trying to convince as much merchants to hook-up a credit card machine in their business.
In all the hype of trying to get as much merchants hooked up many of these bank forget to educate merchants on how to protect themselves against credit card fraud. Over at CONSUMERIST.COM published a very information post on the 10 Thing You Might Not know About Your Credit Card.
If you’re a merchant or someone who owns a Credit Card (s), I urge to take some time out to read this article. I’m positive you’re going to learn something new card, and merchants will learn ways to protect their business. Some highlight points are:
- Merchants Cannot Charge A Surcharge For Using A Credit Card, However, They Can Offer A “Cash Discount”
- Merchants Cannot Require A Minimum Transaction Amount
- If Merchants Suspect You Of Fraud They Are Supposed To Call With A “Code 10” (in USA only)
- Unsigned Cards Are Not Valid And Merchants Can And Will Refuse Them
By the way things are going, soon we will being to see a high in credit card – knowing what to do to protect yourself from being a victim of credit card fraud in your best line of defense.
10 Things You Might Not Know About Your Credit Card [CONSUMERIST.COM]
Very good article. But many of the laws cites apply only to the USA, and even then, only to particular states. It is key to bear in mind that the card agreements are worthless because the card issuers can change the rules unilaterally at any time without notice. They all charge usurious rates, and most will drop you like a hot potato if you take advantage of their offers and benefits while avoiding fees and interest by paying in full just in time on each billing cycle.
Use credit cards only for convenience and safety (from theft and for warranty protection) and stay on-budget so as to never carry a balance past a due date, thus avoiding interest and/or penalties. If you can’t afford something, save for it, don’t buy in now and overpay on credit. Borrowing should be limited strictly to necessities such as buying a home, a vehicle (if vital), medical needs, education, and/or necessary business loans.