After approval for a new credit card, you gain the responsibility for each and every charge to that account. Further, you are now responsible for any transactions made by authorized users you may have added to your account. Since you are the "originator" or the application, you are the one held accountable for all of the charges. In other words, it is your credit report that is affected by the balance of your card, and your payment history (or lack of one).
There are many problems associated with the credit cards. For instance, if your credit card is stolen (or lost), you will be held accountable for any transactions made with the card, even if you did not authorize them. As a responsible consumer, it would be a good idea to keep a copy of all associated information on every one of your credit cards (the credit card number, bank's contact info, etc), that way, if your card is lost or stolen you will be able to contact the creditor or bank to report it as quickly as possible. This is extremely important, it will limit your liability to the first $50 and the bank will cancel the card to prevent further charges.
Unauthorized charges are one of the biggest risks of using a credit card. Unfortunately, identity theft and credit fraud are everywhere, which means that is is very important for you to keep your credit cards (and information) safe. This includes credit card receipts, which some people simply discard. Many merchants nowadays will not print the full credit card number on the receipt, but it is better to be safe than sorry, so receipts should be kept safe or shredded. Unauthorized purchases are made when the wrong person finds your information, so considering how long it takes to properly dispose of your receipts versus how long it takes to repair your credit, you can see how this is a good idea.
The FCB Act (Fair Credit Billing Act), provides the consumer (you) with the right to withhold payment if any merchandise purchased is defective or inferior. If you are going to do this, make sure you withhold only the exact amount of the charge, pay the rest of the bill, and notify the creditor of the dispute. Accordingly, the creditor cannot classify your account as delinquent nor make a negative credit report on your while such a dispute is on file.
Remember, nobody is perfect. Billing errors will happen occasionally, and it is very important to analyze your statements to find any discrepancies or unauthorized charges. These errors are covered by the FCB Act, and you can find explanations of of your rights on the fine print of your statement. Finally, if there is a discrepancy, take care to notify your creditor as soon as you can..
There are many problems associated with the credit cards. For instance, if your credit card is stolen (or lost), you will be held accountable for any transactions made with the card, even if you did not authorize them. As a responsible consumer, it would be a good idea to keep a copy of all associated information on every one of your credit cards (the credit card number, bank's contact info, etc), that way, if your card is lost or stolen you will be able to contact the creditor or bank to report it as quickly as possible. This is extremely important, it will limit your liability to the first $50 and the bank will cancel the card to prevent further charges.
Unauthorized charges are one of the biggest risks of using a credit card. Unfortunately, identity theft and credit fraud are everywhere, which means that is is very important for you to keep your credit cards (and information) safe. This includes credit card receipts, which some people simply discard. Many merchants nowadays will not print the full credit card number on the receipt, but it is better to be safe than sorry, so receipts should be kept safe or shredded. Unauthorized purchases are made when the wrong person finds your information, so considering how long it takes to properly dispose of your receipts versus how long it takes to repair your credit, you can see how this is a good idea.
The FCB Act (Fair Credit Billing Act), provides the consumer (you) with the right to withhold payment if any merchandise purchased is defective or inferior. If you are going to do this, make sure you withhold only the exact amount of the charge, pay the rest of the bill, and notify the creditor of the dispute. Accordingly, the creditor cannot classify your account as delinquent nor make a negative credit report on your while such a dispute is on file.
Remember, nobody is perfect. Billing errors will happen occasionally, and it is very important to analyze your statements to find any discrepancies or unauthorized charges. These errors are covered by the FCB Act, and you can find explanations of of your rights on the fine print of your statement. Finally, if there is a discrepancy, take care to notify your creditor as soon as you can..
