Please Replace Credit Cards

http://seanmonstar.com/post/81400378235/please-replace-credit-cards

by seanmonstar • 12 years ago

2 6 12 years ago

onion2k3• 12 years ago

I have a better solution: keep everything exactly as it is now, but have credit card companies accept that the system is slightly susceptible to fraud, and consequently have them take the hit if your card gets stolen. The customer (people who buy things and merchants who take cards) shouldn't ever lose out if they're victims of a crime.

Currently credit card companies charge (some) users to have a card, charge all merchants a fee and a percentage, and take none of the risk. That's the thing that ought to change.

dalke2• 12 years ago

They do take the hit. Under the Fair Credit Billing Act, your responsibility for unauthorized charges is $50, and if you report it before any unauthorized charges are made, then it's $0.

onion2k3• 12 years ago

Things are not the same here in the UK. Since we got chip and pin cards the onus is on the cardholder - it is assumed that you didn't keep your pin secure.

Please Replace Credit Cards

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