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"Credit cards are best for certain transactions"

By admin | June 8th, 2009 | Credit Cards

An industry official from the finance sector has recently stated that credit cards are the best form of payment for certain transactions, offering greater speed, convenience, flexibility, and security.

One official from the credit reporting agency Equifax has said that there is little doubt that for some transactions the credit card is the best choice for consumers that want to enjoy a greater degree of security, and this includes when making purchases via the Internet.

He said that credit cards were “certainly very good because you do have that ability under section 75 of the consumer credit act where if you have any problems with the goods the credit company is as liable as much as the merchant who sold it to you”.

He added that those consumer that used credit cards to shop online had the added security of being covered by the Banking Code if anything went wrong providing they had not been negligent with the card details.

With online shopping becoming increasingly popular over recent years the number of people using their credit cards to make payments online has been rising. However, consumers are warned that the level of card fraud relating to CNP transactions, which include online transactions, has been rising. CNP transactions are Card Not Present transactions, where the card is not physically seen when the purchase is made, such as with phone and Internet purchases.

However, despite the risk of CNP fraud cardholders are generally far more secure when using a credit card online compared to paying cash and even debit cards because of the additional security that is offered through the Banking Code and the Consumer Credit Act. This has been highlighted in recent cases such as budget airlines going bust, and many that had not paid by credit card losing their money.

Tags: credit card transactions, Credit Cards

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