rr2254545 wrote:
fj12ryder wrote:
SidecarFlip wrote:
I was going to say that, you beat me to it. I have a 30K limit on mine, don't care of they put a 500 or even a grand hold on it.
Some people use a smaller credit limit card for gas expenses, so large ripoffs are unlikely if the card is compromised. Supposedly gas pumps are one of the most likely locations to have one's card information stolen. Yeah, the CC companies will most likely eat the cost if your $30,000 card is severely misappropriated but it costs all of us in the end. Some people just like to limit their risks.
You have got to be making this up, this is not the way the world works
Sadly, this IS "the way the world works" now days.
You must be living a sheltered life if you have never heard of Card Skimmers.
Card skimmers are basically a well hidden card reader which is placed over the outside of the pump reader or if an inside job on the INSIDE of the pump reader.
Many of these readers are so well designed they blend in and look like they are part of the pump reader.
The skimmer reads and stores the info from the card stripe.
That info is then used to program blank cards.
The blank cards can be now used for more unsigned transactions and often the criminals will run the cards through gas station readers for a small amount to see if they have a good card or buy through Internet outlets using the skimmed numbers..
Typically you are only "liable" or responsible for the first $50 of a fraudulent transaction. Most if not all credit card companies however will not hold you the card holder responsible and will waive the $50 liability.
We actually had one of our cards lifted from our DMV website when we renewed our registration..
Got a call from our credit card co concerning a couple of potential fraudulent transactions!
The thieves made two purchases (under $2K) from Lowes website which went through, then attempted to buy airline tickets out of the country multiple times ($4K each time).. We would have been on the hook for over $10K in fraudulent charges!
Credit card co removed ALL of the fraudulent charges, canceled the account number then issued a new account number and we had new cards delivered Fed Ex to use the next day.
So, I really do not see a reason as to why anyone would really be totally concerned about intentionally keeping too low of a credit card limit..
Although, I don't understand reasons for excessively high limits either.. A $30K limit to me seems excessive, no way in the world that I would ever buy something on a credit card for $30K.
That is not how I use credit cards.. I only buy what I can afford to pay off when the billing period ends for that month, I don't make $30K per month..
Vendors do not use holds for this reason though, it is placed to ensure you have enough credit to cover the open transaction.
Typically you never see the hold because most vendors will remove the hold seconds after the transaction is closed.
However, sometimes some vendors may not release the hold right away and it may take a few days to clear..
I don't recommend using your bank card as a debit card in stores or gas stations, the reason is due to the fact that the debit feature does not have the same protection as a credit card.
Most bank cards are dual function, can operate as debit or credit. You should get an option popup which will ask if you want the transaction as debit or credit.
Select credit, and now you have same protection from fraudulent purchases as a credit card. The transaction will still directly come from your bank account but the card company that issued the card will now offer same fraud protections of a credit card.
Had a friend years ago discover by accident when he used his bank debit card to buy concert tickets that the money is gone and he had no recourse when the concert cancelled to get his money back..
