December 6, 2004 01:10 PM
Credit Cards Offer Safety In Buying Online
Excerpt: mart consumers always reach for a credit card when they buy online because cards offer charge-back rights and a shopper's liability is limited to $50 in case of fraud or theft.
When it comes to buying online, credit cards are the only way to fly.
"The bottom line is that people feel a lot safer (using credit cards)," says Linda Sherry, spokeswoman for Consumer Action, a nonprofit advocacy and education group. "Much as I advocate pay-as-you-go, when shopping online or with merchants you don't know, a credit card is a lot safer."
But not all cards are created equal. Depending on your card brand and the issuing bank, your plastic may offer some, all or none of the following:
Zero liability: Offered by credit card issuers, including Visa, MasterCard, DiscoverCard and American Express. When someone steals your credit card and makes charges without your permission, you are responsible for the first $50. But if your card offers "zero liability," you're not responsible at all. Downside: Some cards require that you adhere to certain rules, like reporting the fraud within a certain length of time, so it pays to know how your card works.
One-time use/virtual or temporary numbers: Offered by credit card issuers, including Discover; also by some banks, including MBNA. You download a piece of software from your card's site or go to the site and login to your account and get a "disposable" number, good for one online purchase only. The downside: Some cards will let you use these for recurring charges (like that monthly club membership) for up to a year, others won't. And you can't use them to pay for things online that you will pick up in person, such as airline tickets. The reason: Many times merchants want to verify that you're the person who paid for the goods, and will ask you to show the card you used for the purchase. With a disposable number, the two won't match.
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