These credit cards are a real problem, wouldn't it be easier for people to simply use savings transfer, the bank accounts have minimal cost per month but you don't hear about that being a real problem, or are they? overseas I suppose credit cards would still have to be the go.
Credit card details stolen
- Thread starter Mouse
- Start date
The use of credit cards can be just what it says, CREDIT (or time to pay). If cards are paid on time there is no interest. Better still there are no bank charges. I have paid my card today, over $3,500, 30 transactions ,the first on 18.11.07 and the last on 17.12.07. No fees and no interest. Had I paid in the "old" manner by cheque, cash and electronic transfer I would have had considerable bank charges and not had an interest free loan for the period of the credit.
I use two cards, one has a large limit which I use most times. The other has a limit of only $3000 which I use where there is some risk. I have had acard since they were first introduced to Australia and have only had one problem and that turned out to be a bank teller taking out a cash withdrawl of $200. He got the sack and I did not lose out.
Beat the banks, use a credit card.
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My credit card is almost always on the credit limit 
, so there aint no problem with fraudulant transactions.
Tip... is to keep it close to the limit, or reduce the credit limit, as to avoid large transactions being undertaken.
, so there aint no problem with fraudulant transactions. Tip... is to keep it close to the limit, or reduce the credit limit, as to avoid large transactions being undertaken.
You probably cost yourself more in interest than a couple of "fraud" withdrawls would cost.My credit card is almost always on the credit limit
Tip... is to keep it close to the limit, or reduce the credit limit, as to avoid large transactions being undertaken.
Wysiwyg
Everyone wants money
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Sorry to read about this experience Mouse.My pa got hit for 2 k a few years ago but because the transaction was out of the ordinary the bank (Suncorp)called and notified him.Within a week he was reimbursed and issued new cc details.You will be O.K.
Nioka, not sure of the fees associated with transfers I see my children use it, and it just seems simple, but maybe they don't pay charges because they are students, i know the account fee is waived and there don't seem to be any charges that I can see on their statements.
As for the interest free loan on the credit card, that's true but you have to incur most of the expense at the start otherwise it just doesn't seem worth going to all that trouble, but that's me, I like paying cash,
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Ah yes I yearn for the good old days, company amex, no limit ;-)
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I found my details published on an online store site a few years ago. Something had gone wrong and anyone who went to the site was handed my credit card details.
Thankfully an honest person emailed me (they could see ALL my account details) to let me know. I phoned the bank (Commonwealth) and they cancelled the card there and then.
A few days later I got a new card in the mail. All fixed and it didn't cost me a cent. It was a hassle though with the inconvenience of waiting for the new one, checking the statement very thoroughly etc.
Thankfully an honest person emailed me (they could see ALL my account details) to let me know. I phoned the bank (Commonwealth) and they cancelled the card there and then.
A few days later I got a new card in the mail. All fixed and it didn't cost me a cent. It was a hassle though with the inconvenience of waiting for the new one, checking the statement very thoroughly etc.
I found my details published on an online store site a few years ago. Something had gone wrong and anyone who went to the site was handed my credit card details.
Thankfully an honest person emailed me (they could see ALL my account details) to let me know. I phoned the bank (Commonwealth) and they cancelled the card there and then.
A few days later I got a new card in the mail. All fixed and it didn't cost me a cent. It was a hassle though with the inconvenience of waiting for the new one, checking the statement very thoroughly etc.
Wow Smurf,
Thank goodness that didn't happen to me!!
Thanks everyone for your support, I'm sure it will work out in the end (or at least I hope it will).
In reply to Nioka "Beat the banks, use a credit card", Heh I beat the banks! I pay off my credit card every month so there's no interest. I have my money in a high interest account that has no fees, and only a little money in a savings account that has a $5 fee per month ... plus I have shares in them, so I get dividends as well! I like the banks, they make money for me
cheers
Mouse
P.s. Wysiwyg ... I'm still beating you in that game dear
It's not always possible to reduce the limit, I used to have a VISA card that was a good deal (lower interest rate) through a professional society I was a member of, the minimum credit limit was $10k. I ended up getting another card with a $500 limit for Internet transactions.
m.
Wysiwyg
Everyone wants money
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I think VISA debit cards are financially empowering.
Hey wysiwyg,
With a Visa Debit card wouldn't the money be harder to retrieve in the case of the details being stolen though?
As it is with my Visa Credit card, I haven't actually lost any money because I haven't paid for the fraudulent transactions. Funnily enough, when we were on the phone reporting the fraud (from the banks office) the people on the phone said to pay the full amount and the lady who was helping us at the bank was vigourously shaking her head at us to say don't pay it!
cheers
Mouse
With a Visa Debit card wouldn't the money be harder to retrieve in the case of the details being stolen though?
As it is with my Visa Credit card, I haven't actually lost any money because I haven't paid for the fraudulent transactions. Funnily enough, when we were on the phone reporting the fraud (from the banks office) the people on the phone said to pay the full amount and the lady who was helping us at the bank was vigourously shaking her head at us to say don't pay it!
cheers
Mouse
You'll be right mouse, as smurf said, a bigger scam is collecting peoples details and either putting them online or selling them online, use to happen a lot a few years ago.
Cheers
battiwallah
Value only - buy cheap & keep
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My bank contacted me some while ago when a suspicious transaction had been made on my card - nearly $4,000 at an on-line casino. The bank (Westpac) was very good about it and not only removed the transaction (after I signed a statutory declaration) but deleted the interest cost that had acrued on that amount as well. I have no idea how the information was stolen.
Cards now have a 3-digit confirmation number on the back that most on-line providers must ask for. I have remembered mine and scratched it off the back of the card. If the card is physically stolen it won't stop personal use at stores, but will handicap anyone who tries to use it on-line. Won't stop on-line capture of the information though, but it's a help.
Cards now have a 3-digit confirmation number on the back that most on-line providers must ask for. I have remembered mine and scratched it off the back of the card. If the card is physically stolen it won't stop personal use at stores, but will handicap anyone who tries to use it on-line. Won't stop on-line capture of the information though, but it's a help.
Got a phone call from my bank (Westpac) today saying that there appeared to be fraudulent transactions on my credit card. Their credit protection program "FALCON" had detected three transactions and upon an actual person reviewing the card was cancelled.
Its interesting that even though the transactions were not for large amounts the software was able to quickly recognise a problem and cancel the card. The card was tested twice to buy 2 songs from itunes then a $600 transaction through a site called wirecard.com. These occured about 3:30am Sunday morning.
Which brings me to how my details were taken in the first place. I have used my card two times in the last two months, at a service station last week and online updating my card details for my ISP. I'm not liable for these transactions but I hope that the criminal who stole my details is caught!
Its interesting that even though the transactions were not for large amounts the software was able to quickly recognise a problem and cancel the card. The card was tested twice to buy 2 songs from itunes then a $600 transaction through a site called wirecard.com. These occured about 3:30am Sunday morning.
Which brings me to how my details were taken in the first place. I have used my card two times in the last two months, at a service station last week and online updating my card details for my ISP. I'm not liable for these transactions but I hope that the criminal who stole my details is caught!
