Can anyone use your credit card in the US?

[Rayne_Man]

To clarify my answer above. Credit-card transaction, using chip and PIN are a hybrid operation. The PIN terminal goes on-line to the CC computer to authorize the transaction, but the money is not taken directly out of the bank account. Before the introduction of this system it was as the shop-workers discretion whether they contacted the CC company before accepting the transaction. Usually this was when it was over a certain amount (say £50). Now, every transaction (even for the smallest amount) has to be authorised by the CC company. The only exception is if a signature is accepted instead of the PIN.

On the subject of signatures , someone said that you can forge a PIN but not a signature. If you think your PIN as been compromised you can always change it for a new one. Something you cannot do easily with your signature.

[iamthewalrus_3]

@A.R. Cane

All of us are paying the cost of this, just for the sake of a little convenience. There are effective ways to fight unauthorized CC use, but as long as we, the consumers, are gullible and apathetic, the CC companies will continue to accept the losses and pass the cost on to us.

You might be, but I assure you that I’m not paying any cost for this. My credit card has no fee, and I pay the balance in full every month. While I’d be more than happy to have some actual security implemented, it’s no skin off my nose if it isn’t.

[kanicbird]

@iamthewalrus(:3=

You might be, but I assure you that I’m not paying any cost for this. My credit card has no fee, and I pay the balance in full every month.

A.R. Cane Same here, I have never paid a CC a fee or a penny in interest, I have however gotten cash back and other perks like waving insurance coverage on rentals, travel protection, extended coverage, and right now am awaiting $110 cash back that I requested yesterday.

I suspect that a big bulk of their revnue is people who don’t pay in full each month - and those are the people who pay the bill for fraud.

[Dewey_Finn]

The credit card companies do take one or two percent of the transaction amount, so you are paying, indirectly, whether or not you pay an annual fee or interest.

[kanicbird]

@Dewey Finn

The credit card companies do take one or two percent of the transaction amount, so you are paying, indirectly, whether or not you pay an annual fee or interest.

That amount is taken from the merchant, but I would have to pay the same if I paid cash or credit, the $'s for the item would be the same, but with CC’s I get a percentage back, so it is less expensive.

Now I know that the merchant has to make this up somehow, either by raising prices or by increased volumne of sales or a combo of both, but my use of CC’s have resulted in lower costs for me personally.