Credit Cards: They Have Your Back!
Credit Cards Advice: Will That Be Paper Or Plastic?
Credit cards are a valuable asset when conducting transactions, whether online or in person. Consider your rights as a disgruntled customer who has paid with cash, a check or a debit card. You don't have any way of recouping your payment if the item if you are dissatisfied with a service that you received, or are involved in any other dispute and the merchant is uncooperative. In these situations, the merchant has the upper hand. Want to change that?
Credit Cards Can Be Your Security
When you pay with a credit card, you have several options, as a consumer, to override a charge. If you are dissatisfied with a product or service, you can notify your credit card company that you wish to open a dispute. Once they have gathered your information, they will contact the merchant for the opposite perspective. Both sides are asked to provide evidence, and the credit card company acts as a mediator. Given that your argument is more convincing, you will receive a credit against your account to negate the overridden charge.
Limited Liability "Insurance" For Unauthorized Charges
Credit cards also offer protections against unauthorized charges, which debit cards cannot claim to do. Have you ever had your credit card number stolen? It's definitely a stressful experience to open your monthly bill and have hundreds, if not thousands, of dollars in charges that you don't recognize.
One call to your credit card company will cancel your card, have a new one issued (with a new number) and initiate an investigation. Assuming that your claims are substantiated, the unauthorized charges will be overturned and you won't owe anything towards them.
If you had paid with your debit card, however, the cash would have been deducted from your account, and you would not have any options for getting it back. Once your money is debited from your account, it's gone. With credit cards, your money isn't gone until you pay the bill. Think about that the next time you're considering making a large-ticket purchase with cash instead of credit!
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