For many people, bring up the term, “credit card,?and they’ll roll their eyes. Most of us understand the powerful pull that pulling out the plastic has on us. It’s almost addictive, the ability to pull out your credit card and use it to charge anything, anywhere, anytime. Many money counselors will advise you to lock your credit card up and go on a cash basis if you’re having a hard time with your debt.
But what many people don’t realize is that carrying credit can be a lot better than carrying their cash and here’s why: the Fair Credit Billing Act (FCBA). If you’re carrying your plastic and lose your wallet, you’ll never have to pay more than $50 of unauthorized charges to your credit card. Depending on how much cash you carry along in your wallet, this can save you some money in the unfortunate event that your wallet or purse is lost or stolen.
According to the FCBA, if you report that you’re credit card is lost or stolen before it’s used again, you’re not responsible for any of the unauthorized charges. Otherwise, the maximum amount that you’re legally responsible for is $50. Something else to consider, if only the number was stolen and not the card, then you’re not liable for any of the charges that the “number?thief puts on your credit card account.
Keep a list of your credit card numbers along with contact information for the credit card company some where handy but separate from your actual credit card. This way in the event that your card is stolen or lost, you can more easily take care of reporting your loss. Hurry, those minutes saved might save you $50!
For more information on what to do if your credit card is lost or stolen, take a look at what the FTC has to say at http://www.ftc.gov/bcp/conline/pubs/credit/atmcard.htm.
No matter what your credit card needs, http://www.SelectCreditFast.com is here to help find the best credit cards for you. Keep these strategies in mind and click on a card to begin.