Monday, November 14, 2016

Watch For These Product Recall Scams!


When a company has to recall a product, it’s never pretty. Organizing refunds, exchanges, and other considerations for customers takes time. Meanwhile, the customers just want the product they bought to work as advertised!

Tuesday, November 8, 2016

Credit Cards Or Debit Cards – What’s The Smartest Swipe?

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Most people own at least one debit card and at least one credit card. They know they have it, but they may not know about all the differences that exist between using a credit card and a debit card.
Believe it or not, there are many. The most basic difference is the fact that each time you use a credit card, you’re borrowing money. A debit card, on the other hand, simply transfers your own money from your checking account to the vendor you’re paying.
When you use your credit card, your credit union is lending you money, which you’ll need to pay back along with interest. A debit card takes funds directly from your account similar to the way that checks do – only quicker. Some processing terminals will require a PIN and some will require signature.
Both credit and debit cards are convenient, quick, and easy. They’re also safer than cash, because cash cannot be replaced if lost or stolen.
 
Which one should you use? The answer depends largely upon your lifestyle.
 
1.) Budgeting
Credit cards allow you to buy now and pay later. Unfortunately, this can turn into a nightmare because of the obvious financial pitfalls in being able to purchase things you don’t have the money for now. If you think you’ll be tempted to overspend, regular credit card use may not be ideal for you.
However, it’s nearly impossible to incur thousands of dollars of debt through debit card usage. Most credit unions will cover purchases that put your account into the red, but only up to a few hundred dollars. If this happens, you’re accountable for your purchases and charged an overdraft fee.
 
2.) Safety
The convenience of debit cards can make fraud more likely. Unless reported promptly, debit card theft or fraud can quickly drain your account. Credit card companies are held to strict liability laws: consumer liability for credit card fraud is limited to $50. If you report suspicious charges in a written request within 60 days, the company is obligated to investigate and restore the funds to your account if the charges are determined to be fraudulent.

Wednesday, November 2, 2016