Posts Tagged ‘Credit Cards’
What the bank does not want to tell you about calling cards
On many occasions we talked about in this space about the benefits of pre-paid cards, those that can use like debit or credit but only allow you to spend what you put in them, not overdo or incur debt. However, you should be careful because these cards (although they have many advantages) are also a bit risky as they provide the same protections as a traditional card.
For example, cardholders debit card Traditional whose account is linked to a bank account (either checking or savings) by law have a responsability to $ 50 if you report the card as lost or stolen within two days. But that is not true in the case of people with a prepaid card. And that is the only protection they have is called self-protection, or protection voluntarily that they should choose and pay.
And there is another worrying factor. Unlike credit cards or debit traditional, which are protected by insurance if the bank enters into default or go bankrupt, are not protected pre-paid, in fact depends on the discretion of the bank decide whether to protect your funds once the bank goes away …. more than worrisome, since one is actually checked.