Question - When Is A Credit Card Better Than Cash?

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

About the author:
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