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Credit Cards?

Discuss the legalities of Bankruptcy Law

Credit Cards?

Postby Abiah » Fri Nov 18, 2016 9:38 am

Hello,     There have been a lot of radio ads for companies selling ID theft programs.  My question is why don't credit card companies offer this for free?  Also, nobody asks me for ID when I use a charge card.  Stores might as well be posting signs saying, "Now accepting stolen credit cards."  Don't credit card companies lose millions on stolen ID's and credit cards?  Why don't they employ the technology to stop it?

Thank you,  Mark
Abiah
 
Posts: 46
Joined: Tue Feb 11, 2014 6:44 pm

Credit Cards?

Postby Morly » Wed Nov 23, 2016 12:27 am

Dear Mark,  

Thank you for your question. ID Theft Programs are no more then multiple credit alerts placed on credit bureaus in conjunction with issuing a credit freeze.   

Credit card purchases are protected under the Fair Credit Billing Act. Under the law, you do need to make a real effort at resolving the dispute with the merchant before you can ask your issuer to stop a credit card payment. There are a few other catches as well.

The sale must be for more than $50 and have taken place in your home state or within 100 miles of your home address. Few issuers enforce the $50 or 100-mile rule on purchases, but all are free to do so.

Banks do lose money with stolen credit cards, however they also have insurance to cover the loses.  

Credit cards companies want to make it very easy to consumers to use the cards, the more restrictions the less likely the card will be used.

Ontrack Financial Group
Morly
 
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Credit Cards?

Postby max » Sat Dec 03, 2016 1:19 pm

Hello,     There have been a lot of radio ads for companies selling ID theft programs.  My question is why don't credit card companies offer this for free?  Also, nobody asks me for ID when I use a charge card.  Stores might as well be posting signs saying, "Now accepting stolen credit cards."  Don't credit card companies lose millions on stolen ID's and credit cards?  Why don't they employ the technology to stop it?

Thank you,  Mark
max
 
Posts: 48
Joined: Thu Mar 31, 2011 5:44 am


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