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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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Credit Cards > Consumer Protection
Credit Card Protection Scams
Watch your credit cards.Thieves are calling unsuspecting area residents about credit card protection services, but the sales pitch uses false and misleading statements.
With dire warnings about computer hackers stealing credit card numbers and running up huge bills, the caller tried to convince Nancy to purchase credit card protection. The caller stated that Nancy would be liable for $50 for each purchase made on a stolen card, so that if 10 separate transactions occurred, Nancy would have to pay $500.
Well, that's not true. The maximum exposure for consumers is $50, no matter how many sales occur - if you report the card missing as soon as it is lost or stolen.
In addition, the caller wanted Nancy's credit card number so the deal could be completed that evening. Warning bells sounded in Nancy's head. She hung up.
If you are interested in credit card protection, ask for written information. Don't be pressured into making a decision until you know more about the company.
The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
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• Credit Cards > Consumer Protection Archive
• Credit card payoff Use this calculator to see what it will take to payoff your credit card balance, and what you can change to meet your repayment goals.
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Lendingtips.com 464 Oak Avenue Naples, FL 34108
Phone (239)877-7835 Fax (239)594-5686
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