Credit and debit card fraud are becoming more and more common. Even if you are very careful, the security of the retailer who owns your card data may be compromised, and this could affect you.
Of course, you will avoid this type of fraud if you only use cash. However, this is almost impossible when you shop online.
Do other solutions exist?
Buy online without credit or debit cards
Can we find options to make online purchases without credit or debit cards? In fact, you could get a gift card from the retailer. This becomes an option when you buy online from a major retailer or merchant who has both an online presence and physical stores. If you plan to buy from small businesses online, this strategy will not work.
Use a prepaid debit card
Another option is to get a prepaid debit card. You will only carry the amount required to make your purchases. In this way, if you steal the information from your card, the account will no longer contain extra money. This strategy has some disadvantages. First, this option will not be practical if there is additional charge on your account. Secondly, you will find this transaction uncomfortable if you have to make it every time you buy.
Monitor your accounts
The most convenient option is to have a debit card current account that you can monitor constantly through online management services. This will not protect you from fraud, but you will be able to detect any suspicious activity at the earliest. When you quickly report fraudulent activity to your bank, it’s easier to fix it.
Effectively avoid fraud by owning a credit card.
Credit cards are generally better suited to identify and eliminate fraud. Indeed, you pay nothing for your purchases until you have paid the balance of your credit card. If you monitor your transactions regularly, you’ll quickly see suspicious charges. You will be able to resolve the situation before paying your end-of-month bill.
What to say about debts?
Credit cards protect you from fraud, but they make debt easier. If you do not repay the entire balance of your card by the due date, you will pay interest that will accumulate over time.
If you have to borrow money, do not consider the credit card as your first choice. If your bank account does not have enough money to pay the full balance of your credit card at the end of the month, do not make purchases through this means.
Instead of this one, consider a personal loan online. The application process for these loans takes only about a day. Plus, they come in handy because you can borrow just what you need. For this reason, you can easily repay the money without incurring additional debt.