One advantage of choosing credit and signing when making debit card purchases is that the card networks may offer you protections, such as zero
liability for fraudulent purchases.
The Truth in Lending Act, for example, which caps maximum liability
for fraudulent purchases at $ 50, usually covers the unauthorized use of business credit cards, but does not apply to business debit cards.
The federal Fair Credit Billing Act limits your liability for unauthorized charges to $ 50, and you're not responsible
for any fraudulent purchases if you report suspected theft of your information before the card is actually used.
As of Oct. 1, 2015, merchants that don't process EMV cards are
liable for fraudulent purchases made in their shops and could be on the hook for additional fees and penalties.
The guarantee Bank of America makes to its credit and debit cardholders: if your card is lost or stolen, and you report the loss promptly, you may not be
responsible for fraudulent purchases made with your card.
With a biz CC You are now 100 % liable
for fraudulent purchases with no cap (unlimited liability), subject to sudden and sharp interest rate increases, retroactive rate increases, shorter billing cycles, they can pierce the corporate veil to come after your personal assets if you miss payments.
Of course, a pet retailer that is not in compliance by October will assume
liability for any fraudulent purchases — a shift that is poised to drive many to adopt the new standards and avoid the risk.
Pay $ 0
for fraudulent purchases.
Discover does not want you to be liable
for fraudulent purchases, so it has put in place many securities to protect your identity and your purchasing power.
Discover does not want you to be liable
for fraudulent purchases, so it has put in place many securities to protect your identity and your purchasing power.