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Your credit card didn't protect you from fraud, it exposed you to it. It's only because you paid for something by giving away a number that gives anyone arbitra
by dangrossman 14y ago
Your credit card didn't protect you from fraud, it exposed you to it. It's only because you paid for something by giving away a number that gives anyone arbitrary access to your bank that you had money stolen, had to watch your statements to notice it, and had to file a chargeback to get the money back. Hackers on the web can never reach into your wallet and take $250 -- this is a drawback of your credit card, not "protection" offered to you.
- coin 14y agoNot true. When making a purchase using a credit card, you are not giving "arbitrary access to your bank", rather you are giving access to your line of credit. There's a difference. In the case of fraud, the credit card company still has to collect from you. You can always not pay and dispute the charge. This is why I prefer credit cards over debit cards. In the case of a fraudulent debit transaction, my money is gone, and the burden to recover it is on me. In the card of a fraudulent credit card transaction, the bank is out the money, and the burden is on them to recover. Furthermore, federal law gives credit card holders protection to dispute charges over $50.