Credit Cards
Cash is King is an oft repeated expression. But is that true? In our everyday world it is more the case that Plastic is King.
While cash is always acceptable anytime and anywhere, for the consumer plastic in the form of a credit card is a much more convenient way of paying for goods and services. For a start you don’t have to carry large sums of cash for the goods or services that you have earmarked for purchase. You don’t even need to have earmarked any goods or services for purchase in advance because with a credit card you can purchase on the spot without the need to pay for it in cash. With cash you are limited to the amount of your savings. With a credit card you can purchase goods and services up to your credit limit.
Cash can be stolen and while a credit card can also be stolen you do have the added protection of chip and PIN. As long as the thief does not know your PIN you are safe but do report any theft immediately to the credit card issuer and to the police. This is because your credit card can be used to purchase goods and services on the internet where your PIN is not required. Or your credit card could be used abroad in countries where chip and PIN is not in use.
Extra security is afforded under the Consumer Credit Act 1974 when using your credit card to purchase goods and services. In the event that the goods or services purchased do not meet your expectations and the retailer won’t refund you your money you can complain to the credit card issuer who will reimburse you and take up the matter with the retailer. Similarly if you purchased good and services which you have paid for but the goods and services have not been fulfilled perhaps because the business went into bankruptcy in the interim period the credit card issuer will reimburse you the money you have spent.
Return to our credit card information section, or return to the homepage.