Credit card fraud seems to be escalating to gargantuan proportions with Discover, American Express, MasterCard and Visa reporting a rather worrying 9.3% increase from 2005 to 2006. The Nilson Report compiled the figures and confirm that the data doesn’t include debit cards.
According to Creditbloggers there could be a few reasons for this spike:
“There could be several factors at work. The increased use of credit cards has certainly contributed. Also the growth of credit card fraud that involves fast-moving international crime rings. Consumer awareness about fraud and enthusiasm for reporting it could have contributed as well.
Another significant factor is the credit card issuer’s general policy of accepting credit card fraud losses as a cost of doing business. Translated: They don’t care about fraud losses.”
I would put a far simpler explanation to this phenomenon and that’s quite simply declining economic circumstances.
According to Sandra Block at USA Today everybody taking a vacation should be keeping their eyes peeled for expensive currency conversion deals on credit cards:
Here are some examples:
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Posted by Tom Wilkins on Tue 12th June 2007 at 06:00 AM, Filed in US Credit Cards
The US based Purity Credit Card is trying to live up to it’s name with a sophisticated looking card and great financial benefits.
Purity say:
“Fewer fees means more savings for you. That’s the beauty of the PuritySM Platinum Edition® Visa® Card. Save even more when you transfer your high interest balances to your new PuritySM card with a FIXED 9.99% APR*. Apply for your Purity Visa today and start saving with our great fixed rate and fewer fees.”
That 9.99% APR is about as competitive as your going to find anywhere. But as always it’s important to check the small print. We’ve summarised some of the Purity Credit Card’s key features as follows:
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Posted by Tom Wilkins on Mon 11th June 2007 at 06:00 AM, Filed in US Credit Cards
The US based Discover Credit Card with personalised design is continuing to lead the way in flexibility.
Discover offer a choice of pink, green or turquoise fascia’s and the ability to place your first initial on the front of the card. Nice touch.
The Discover Card also offers some attractive financial features:
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Ever considered credit cards as a mobile bill board? That’s certainly how credit card companies are starting see them.
Co brandng as it’s known is already big business in the world of consumer credit with the likes of Mastercard and Visa linking with their favourite sports team, personality or musician. It’s big business.
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