Monday, 30 January 2017

Did You Know That: If You Are Using Credit Card Then You Could Save Thousands

Credit Card

It may sound boring but there’s a really useful bit of legislation called section 75 of the Consumer Credit Act that gives you statutory protection if you buy something on your credit card and something goes wrong.

What this means is it’s a good idea to pay on a credit card for many purchases – as long as you pay the card off straight away.

But what are your rights when things go wrong with different ways of paying? Here’s a quick guide:

  • Cash: If you buy items with cash, then make sure you keep your proof of purchase – the receipt. If you’re buying a pricey item, photograph the receipt just in case. This also helps if you need to make an insurance claim for items damaged or stolen.
  • Cheque: Lots of people think cheques are dying out, but millions are still issued every year. Cheque fraud is still widely practised by con artists so I wouldn’t ever recommend accepting a cheque or draft if you’re selling goods. Bear in mind a cheque can still bounce up to the sixth working day after cashing it.
  • Debit card: If you’re disputing a transaction on your account or have an issue over something you’ve bought your bank can attempt a ‘chargeback’. This isn’t a law, but it’s standard industry practice so you can complain about your bank if it doesn’t help you. Your bank will recall your money and investigate the dispute with the other bank.
  • Bank transfer: You should never transfer money unless it’s to someone you know or trust. As soon as you click send, the money is gone. So if you’ve put in the wrong number – or worse, been conned by a fraudster, you could lose everything. Be wary.
  • Electronic Money: In recent years, websites like PayPal allow you to transfer money electronically. The have their own buyer / seller schemes that help mediate if there’s a dispute over a sale.



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