Question - When Is A Credit Card Better Than Cash Answer When It s Stolen

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When is a Credit Card Better Than Cash? When It’s Stolen!


Introduction

Mention "credit card" and many people might roll their eyes. We're all too familiar with the temptation of using plastic for anything, anywhere, anytime. For those struggling with debt, financial advisors often suggest locking up credit cards and relying on cash.

The Real Advantage

However, there's a significant advantage to carrying credit over cash?"thanks to the Fair Credit Billing Act (FCBA). If you lose your wallet, you're only liable for up to $50 of unauthorized charges on your credit card. This protection can be a lifesaver compared to losing cash, which typically cannot be recovered.

Understanding the FCBA

According to the FCBA, if you report your lost or stolen credit card before any unauthorized use, you're not responsible for those charges. At most, your liability is limited to $50. Additionally, if only your credit card number is stolen, not the card itself, you’re not liable for any unauthorized transactions.

Steps to Protect Yourself

It's wise to keep a record of your credit card numbers and the contact information for your card issuers in a separate, secure place. This allows you to quickly report any loss or theft, potentially saving you time and money.

Conclusion

In situations where your wallet is lost or stolen, the protection offered by credit cards can be invaluable. For further guidance on handling lost or stolen credit cards, visit the FTC’s website: [FTC Credit Card Guidance](http://www.ftc.gov/bcp/conline/pubs/credit/atmcard.htm).

By understanding these protections, you can make informed decisions about when credit might be a better option than cash.

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