With Christmas around the corner it is sometimes easier to stay on budget if you use cash to pay for purchases. When I mention cash I am referring to the use of debit cards, which takes the money from your bank account immediately upon a purchase being made. Debit cards are convenient but they are an easy way for identity theft. Debit cards do not have the same protection as credit cards.
Recently my debit card was compromised. While the thief only got away with charging a $9.00 US item, it could have been worse for me. What I discovered was that I didn’t even have to use my card to have someone scan and get my number right from my purse. The small purchase was done as a test before
When you use a credit card for all your purchases, you are not only protected by the credit card company, you get to use their money until you pay off your bill at the end of the month. Your personal liability is limited if there are unauthorized charges, unlike a debit card. I have had my credit card compromised as well and the credit card company was quick to make me whole again and issue a new card.
Bottom line, be vigilant about examining your bank statements frequently. Keep your card protected inside a scan proof wallet and limit the use to reduce the chances of compromise.
It’s no secret that the cost of everyday living can be quite steep lately. From…
I recently attended a barbecue and had a conversation with my wife's friend. She mentioned…
Retirees are sometimes surprised when they go to their bank and try and get a…
Inflation can have a significant impact on a Canadian's retirement plan. When inflation increases, the…
Are you yearning to make that exhilarating leap into homeownership? If so, it's time to…
As a homeowner with an existing mortgage, it's important to stay informed about changes in…