(Stock Photo) Consumers owe it to themselves to learn more about the many protections available to them when using credit cards instead of cash or checks.
Ten protections every cardholder should know about
Delicious Reddit

FEBRUARY 06, 2006
By Happynews Staff

If knowledge is power, consumers owe it to themselves to learn more about the many protections available to them when using credit cards instead of cash or checks, according to information provided by Visa USA in conjunction with National Consumer Protection Week (February 5-11, 2006).
"Visa cardholder protections start right on the front of the card and extend to the checkout counter and all the way through our back-end processing systems," said Rhonda Bentz, vice president, Visa USA. "Of course, these protections are most effective when consumers understand how they work. For example, every consumer should know that with Visa they have the right to dispute purchases, are protected from merchant checkout fees and enjoy zero liability for any unauthorized purchases. These are important consumer protections that simply are not available with other payment options, such as cash or checks."
The following list is offered to remind cardholders of important benefits they receive when using a credit card, features not afforded by payment with cash and checks.
1. Protection from Counterfeiting. The new Visa card design makes card counterfeiting even more difficult by moving the well-known Visa dove hologram to the back, and integrating it with the magnetic stripe. Additionally, any attempt to erase the cardholder's signature will cause the word "VOID" to appear.
2. Protection from Checkout Fees. Rules shield consumers choosing to pay with plastic from checkout fees -- additional merchant charges on purchases made with payment cards. Checkout fees (also known as surcharges) are also outlawed in 10 states (California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas).
3. Protection from Loss or Theft. If a card goes missing, cardholders should immediately call their customer servvice assistance center for help. At Visa, a representative will work with them to notify the appropriate parties and replace their card.
4. Protection from Unauthorized Charges. Zero liability policies provide protection for every credit card transaction processed, and gives cardholders the ultimate in payment security. Should a cardholder find charges on their statement that they did not authorize, zero liability policies ensure that they pay nothing -- not a cent -- for such transactions.
5. Protection from Billing Errors or Fraud. If cardholders find a possible error on their billing statement, they have the right to file a dispute. To do this, cardholders should notify their card issuer of the dispute if it cannot first be resolved directly with the merchant. The card issuer will conduct an investigation of the purchase during which time the cardholder is not required to pay the disputed amount.
6. Protection from Minimum Charges. Merchants are not permitted to establish minimum transaction amounts or charge cardholders a fee when they choose to use their Visa card, even on sale items. Cardholders encountering this problem should notify their card issuer to document and file their complaint. The card issuer's address will appear on their statement and may also appear on the back of the card itself.
7. Protection from Identity Theft. With identify theft becoming a growing concern for many consumers, Visa and the consumer group Call for Action, have established a free, confidential program to assist identify theft victims. Help is available by calling (toll-free) 1-866-ID-HOTLINE. Additionally, Visa has established Personal Identity Theft Coverage, which is an optional benefit for cardholders offered through participating Visa member financial institutions.
8. Protection from Online Threats. Credit card transactions over the Internet with a password the cardholder creates, give the the assurance that only the cardholder can use their card online. Cardholders using this service receive the added confidence of knowing that that their card is safe when they shop at participating online stores.
9. Protection in Case of Rental Car Collisions or Theft. Cardholders can receive 24-hour Auto Rental Collision Damage Waiver Coverage -- at no additional cost -- for damage due to collision or theft. This coverage protects cardholders up to the actual cash value of most rental vehicles when certain terms and conditions are met. In the cardholder's country of residence, this coverage is supplemental to, and in excess of, any valid and collectible insurance from any oher source.
10. Protection in Emergency Situations. Emergency cash disbursement and card replacement services are available for 24 hours a day.
Visa USA is the nation's leading payment brand and largest payment system, enabling banks to provide their consumers and business customers with a wide variety of payment alternatives tailored to meet their evolving needs. Visa USA is committed to increasing the choice, convenience, acceptance, and security of Visa payments for all stakeholders in the payment system -- Members, cardholders and merchants. Through its 13,420 Member financial institutions, more than 488 million Visa-branded cards have been issued to cardholders in the United States. Last year, U.S.-based financial institutions relied on Visa's processing system, VisaNet, to facilitate $1.3 trillion in transactions with unparalleled reliability. Worldwide, cardholders in over 150 countries carry more than 1 billion Visa-branded cards, accounting for more than $3 trillion in annual transaction volume. Visa offers a trusted, reliable and convenient way to access and mobilize financial resources -- anytime, anywhere, anyway.