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How safe are modern credit cards?

Source: Information Age

Visa credit card

It’s important to distinguish between different types of plastic. For starters, there are debit cards and there are credit cards. Debit cards grant you access to all available funds in your account. With a debit card, your safety and security is not assured. For example, if your card goes missing and money is withdrawn from your account, you may not be able to get it all back, if at all. Banks and financial institutions are extremely rigid when it comes to their noninsurance of ‘missing’ or ‘stolen’ funds from debit cards.

Now, let’s look at the other available option– credit cards. This option is the preferred choice in terms of safety and security. Most banks and financial institutions offer clients zero-liability credit cards. This means that if money is stolen and unauthorized use takes place, the client is not responsible for losses. Some companies will limit client liability to just $50 overall. This means that credit cards offer the best consumer protections against fraud on the market. If ever you are in doubt about carrying a debit card or a credit card with you in your wallet, or on your person, opt for the latter.

What about using credit cards online?

Online safety and security is one of the most pressing concerns today. Cyber criminals have developed sophisticated systems to fraudulently obtain sensitive personal information and financial information from clients. When shopping online, transferring money, or simply storing financial information, always use a credit card. The protection mechanisms built into modern-day credit cards are geared towards safeguarding the customer.

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