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 â€“ now anyone can own a secured debt or credit card. Yep, once youâ€™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 peopleâ€™s throat â€“ on the other hand theyâ€™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 youâ€™re a merchant or someone who owns a Credit Card (s), I urge to take some time out to read this article. Iâ€™m positive youâ€™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]