A credit card is a wonderful tool that allows to transact without carrying wads of cash. Many people consciously avoid the “rule” to pay in cash whenever possible. Unless it’s cheaper to pay in cash, they use a credit card — but not any credit card. They prefer a credit card that accumulates rewards, free miles or free airline tickets. In other words, something is actually gained while using a credit card.
There are a number of good reasons in favor of having and using a credit card. It’s like owning a gun – it’s really a matter of how you use it. I know, not because I own a gun, but because I’ve handled an international credit card institution for years. Continue reading →
Credit card fraud is present in our country, although its prevalence is subject to debate. In the cases I’ve handled, a SINGLE fraudulent transaction amounted to millions of pesos. A newly-created task force addresses the dilemma of whether a credit card company, which oftentimes absorbs the loss, should spend more money in prosecuting a fraudulent credit card transaction without the active participation of government agencies. Continue reading →