Friday, Mar 31, 2006 at 13:34
Whats to stop people from spending up on thier credit card and then going home and reporting the card stolen?
I`ve never had to go through this sort of thing and don`t really know how it all works, but I thought you would have to prove somehow that it wasn`t the card holder using the card before the bank would right it off.
I saw something on TV a few weeks ago about this (referring to American Express cards I think) where unemployed people in a small country town were recieving cards with applications through the mail, knowing full well that they could not (and would not) pay it off.
They were spending their limit on the cards, then reporting the card had been stolen or used without authorisation, and got off without paying it back.
BUT it also meant that business owners were not recieving money for the "purchased" items, leaving them out of pocket and going broke. Now most of them wont accept credit cards or request identification when using them.
For the sake of genuine credit card users and retailers, I hope this sort of thing doesn`t catch on or we might find that less and less people are willing to accept them.
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