Credit card fraud is a serious crime. Due to advances in technology, it is gaining victims every second. The financial implications to one’s records could be tremendous and take years to fix the damage to become financially secure.
Common day credit card fraud could be hidden in plain sight: hidden fees, masked annual percentage rates, late fees, double charging, failure to credit past payments, and charging for unknown items/services.
Hidden fees are labeled under anything the consumer was not previously made aware of: cash advances, cash withdrawals for ATMs, balance transfers, convenience checks attached to the credit card, or foreign transactions.
Ways to prevent yourself from hidden fees are simple, but vital to follow through with:
- APR rates are often lowered when you are persuaded to make a purchase. However, it is important to keep in mind checking how long the APR is at that specific percent. Most APRs are only fixated at the buying amount for 6 months, after which, it goes back to its original percentage/rate.
- Some states disallow credit card companies to charge late fees. If you have been charged a substantial late fee, check to see if your state is one of those states. If so, you may get your money back.
- If you are charged for a late fee, check when you last deposited and/or made a payment into your account. If you bring up the documentation, your charges may be dropped.
- Keep track of your monthly credit card and debit card statements. Compare them to your charges to avoid a double charge.
As a citizen, you are protected under the Fair Credit Billing Act against credit card fraud. It helps you in the following ways:
- Aid in proper billing practices
- Instant correction to billing errors
- Protect the consumer and his/her credit card score during ongoing disputes
- Coverage for twice the amount of finance charges up to $1,000
- Any court costs
- Consumer’s attorney fees
If you feel you have not been protected, contact the attorneys at the Law Offices of Rudolph F.X. Migliore today for a free consultation. Together, we will find a solution and protect your finances.
By Aleksandra Aronova