Credit Card Fraud

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How No Annual Fee Credit Cards Work
Rewards systems and incentives were created because of the tight competition among credit card companies. Credit card companies use these reward systems and incentives to persuade people to choose a particular card over another card. These companies often lower or eliminate fees and offer no annual fee credit cards to attract costumers.

You usually have to pay an annual fee to credit ca... Read credit cards article



How to cancel A Credit Card
Nowadays, the trend of making payments with bank credit cards is rapidly increasing. But having too many bank credit cards can create a negative impact on the credit score of the person. If a bank credit card is no longer in use, it is better to cancel it. When a bank credit card is lost or stolen, it is better to cancel the credit card in order to avoid fraudulent use of the card.

Befo... Read credit cards article



Credit Card Fraud
The rampant use of credit cards, and especially that use compounded by the secret avenues of the internet, can put the common consumer in a substantially vulnerable position to become a victim of fraud. Much like computer viruses and the necessary adjustments made by internet providers, card companies and merchants are vigilantly combating fraud as it occurs and thinking of new ways to pre-empt it before it can hit. The cost of fraud is high, over 500 million pounds in the UK alone in 2004 so finding ways to anticipate and curtail the damage caused by fraud, is like the credit card industry itself, very big business.

Everyone wants a piece of the fraud protection trade. Credit card companies offer their own incentives and programs and advertise them through clever ads starring Donald Trump, Viking marauders, and unwitting customers channeling the voices of the thieves who made them victims. Internet sites like Scambusters dot com and Merchant911 dot com protect consumers and merchants respectively. Often these services are free, or just provide a forum within which consumers and merchants can share information regarding recent scams. Even email, which can easily be harvested for numbers being sent back and forth in transactions, is a potent medium through which consumers can communicate with each other about impending threats or even scams in progress. Though the elimination of fraud is an impossibility, its reduction is possible due to recent innovations in fraud prevention such as security chips, picture id's and the increasing awareness of online merchants.

Company databases often unwittingly supply massive amounts of credit card information to hackers, having conveniently kept it all in one place. Often, the merchant himself will be responsible for payment of the fraud if it is found that improper steps were taken to ascertain the purchaser's identity and/or adequately protect the identity of their consumer's. The purchases most at risk for fraud are "card not present" purchases. Sites like Merchant911.com list fraud screening sites like: preCharge, MaxMind, Cardinal Commerce, FraudSmack, WhyLabs and Merchant Sense all of them offering fraud-screening services to the merchant community, specifically e-merchants who deal exclusively with "card not present" scenarios. Consumers have other resources, including identity theft protection software, many of these offered by ClearCommerce.

Though the dangers of "card not present" shopping are manifold, the convenience and ease of shopping from home will likely do little to deter even the most nervous consumer. Though fraud may never be eradicated, online services, software and common sense go along way towards total protection.

The author is owner & operator of several successful credit sites. For more info & resources visit: Bad Credit Credit Cards or: Credit Cards For Bad Credit

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How to Save Money on Credit Cards

The following tips are basic principles about obtaining and using credit cards that can save you some serious cash and keep you out of debt.

10. Have at Least One Credit Card for Emergencies - While we highly recommend having a rainy day fund for emergencies rather than relying strictly on credit cards, having a credit card with a low interest rate "just incase" is a good idea.

9. Rewards are not so Rewarding - Rewards can be a good thing, but only if used correctly. Rewards cards typically have a higher interest rate than regular credit cards, with the value of the rewards justifying the extra expense. The rewards are not usually as valuable as you may think. Typically the value of the reward is around 1 cent per dollar charged and often the rewards expire at the end of the year if you don't use them. If you pay off your balance in full each month and charge a lot they can be worth while, otherwise you're better off with a non-rewards card.

8. Have Two Credit Cards - If you do plan to take advantage of rewards, we recommend you carry two credit cards. The rewards card for making your daily expenses that you will pay off in full each month and a second card with the lowest possible interest rate to cover any emergency expenses when you won't be able to pay off the balance in full by the end of the month.

7. Shop Around - Don't apply for the first "pre-approved" offer you receive in the mail or any for that matter. Do the research for yourself. There are plenty of sites such as CreditorWeb.com that allow you to compare hundreds of credit card offers with a simple search. You'll get the best deal by shopping around.

6. Read the Terms - The terms and conditions are the equivalent of the disclaimer you hear on car lot commercials. It cuts through the hype and reveals the true terms of the credit card such as what happens when you miss a payment and what you're really getting from the rewards. Most terms are not that long, usually around one full page, it's worth your time to read them.

5. Ask for a Better Rate - Once you have been a credit card customer for a few months call them and ask for a better rate. They won't laugh at you, they get hundreds of these calls every day and if you've been a good customer it usually will work. Credit card companies work hard to obtain you as a customer and they will work hard to retain you.

4. Pay Off Full Balance Every Month - All credit cards have high interest rates compared to other types of loans. You should never plan to carry a balance on a credit card. If you must make a large purchase that you do not have the money for at the time, obtain a loan or a revolving line of credit from your bank. You will save a bundle on interest rates.

3. Work with Retention Department - If you ever feel you are being treated unjustly by your credit card issuer, a simple threat to leave will get you transferred to the retention department. This department will be MUCH more helpful to you and will usually do whatever it takes within reason to get you to stay.

2. Do not get a Cash Advance - This is the second worse thing you can do with a credit card, short of missing a payment is getting a cash advance. The cash advances usually come with a very high interest rate. What makes it worse is the fact that with most companies this higher rate credit will not get paid off first, or even in the order that you took it out. They will apply your payments towards all the lower rate purchases and will only begin paying off your high interest cash advance will all other items on that credit card have been paid off.

1. Never, EVER Miss a Payment - This is the absolute worse thing you can do with a credit card. Not only will you incur a late fee, but your interest rate will also skyrocket. In addition it will be a negative blemish on your credit report which can cause the rate on any other loans or credit cards you have to increase as well as insurance rates. It also makes you less likely to get approved for future credit.

This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for a credit card online.




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