In Praise of Credit Cards

A credit card can be very handy in your day to day financial transactions. Say, if you need to buy an ink cartridge for your printer and at that moment of time you don’t have ready/enough cash to make that necessary purchase, then the old faithful credit card will come to your rescue. And what’s more – you can pay off your loan to the credit card provider over a certain period of time. You can make other necessary purchases like this by just banking on your trusted friend, the credit card.

Credit cards enable you to purchase goods and services in most retail outlets (and this includes the internet as well) without you needing to spend/find cash (subject to your credit limit).

Then, you also have the security of paying through the Chip and PIN method. Signing receipts of your purchases is now becoming a thing of the past and the Chip and PIN is universally in use in most retail outlets in the UK. All you have to do is to key in a four digit number into a keypad before you make your purchase. The four digit numbers selected by you should not be revealed to anyone and preferably, memorised. Never make the mistake of writing it down and keeping it together with your credit card, in your wallet or purse. This way even if your wallet or purse is lost or stolen, you can be rest assured your credit card will not be tampered with because no one will have any access to your PIN. But in the case of an unforeseen event of it being lost or stolen and it transpires that you were neglectful of concealing your PIN, the credit card issuer will not reimburse you for your losses in spite of the fact that you may have reported the disappearance or theft within the required time of 24 hours.
Another plus factor with regards to the use of credit cards is afforded by the Consumer Credit Act 1974. According to this Act, if you are dissatisfied with goods and services you have recently purchased, you are at liberty to ask for your money back. In a situation like this, the credit card lender will refund you your money and seek redress at the retail outlet. Again, if you happen to pay in advance for an order of good/s and service/s from a company that has failed to keep up to its promises, then the credit card lender will be obliged to reimburse you for your losses.

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