Credit card protection query?

[Shabs]

I have heard that it is much safer to pay by credit card rather than
cash. If there was a dodgy credit card seller, who took payment and
then vanished, how is this safer than cash? How does one get their
money back?

 

[Tim]

I have heard that it is much safer to pay by credit card
rather than cash. If there was a dodgy credit card
seller, who took payment and then vanished, how is this
safer than cash? How does one get their money back?

The credit card company would "refund" to your credit card if you didn't
receive the goods.
No-one would refund you your cash, if you used that to pay!

 

[Steve Firth]

If there was a dodgy credit card seller, who took payment and
then vanished, how is this safer than cash? How does one get their
money back?

You claim back the money from the credit card issuer.

 

[Shabs]

Does that mean that the credit card company lose out? or do they
recover it from the dubious seller? By credit card company, do you
mean the bank or the likes of Visa?

 

[Tim]

Does that mean that the credit card company lose
out? or do they recover it from the dubious seller?

Well they will try their hardest to recover from the dubious seller.
If that's not possible, then - well, their profit just reduces a bit!

By credit card company, do you
mean the bank or the likes of Visa?

The bank.

 

[Tumbleweed]

Does that mean that the credit card company lose out? or do they
recover it from the dubious seller? By credit card company, do you
mean the bank or the likes of Visa?

Possibly they lose out, they would try and reclaim but it depends what
happens, ie is it a disputed transaction or dis the dodgy seller do a bunk?
In the latter case, the cc company take the hit. Whats 'the bank' in the
context of your question, how are they involved? Its just a credit card
company..they might be a bank, or perhaps not, does it matter?

 

[Marx Peterson]

Does that mean that the credit card company lose out? or do they
recover it from the dubious seller? By credit card company, do you
mean the bank or the likes of Visa?

If they can the credit card company will recover the money from
whoever took payment from your card, otherwise they will take the
loss. "credit card company" means the bank or your card issuer.

 

[Tim]

Whats 'the bank' in the context of your question, how
are they involved? Its just a credit card company..
they might be a bank, or perhaps not, does it matter?

I'm trying to think of a cc company which is *not* a bank, but having
trouble. Care to name any?

 

[Adrian Boliston]

I'm trying to think of a cc company which is *not* a bank, but having
trouble. Care to name any?

Even if you are a supermarket (eg sainsburys) you just add the word "bank"
after your name and hey presto you're a bank!

 

[Tumbleweed]

I'm trying to think of a cc company which is *not* a bank, but having
trouble. Care to name any?

Do you mean owned by, or 'are' a bank. Is barclaycard a bank? or a credit
card company owned by a bank? (Or more likely a wholly owned subsidiary ofa
comapny owned by a subdivision of another company owned by the offshoot
partner company of a.....)
..

 

[Jonathan Bryce]

Even if you are a supermarket (eg sainsburys) you just add the word "bank"
after your name and hey presto you're a bank!

It's run by the Bank of Scotland.

 

[Jonathan Bryce]

I'm trying to think of a cc company which is *not* a bank, but having
trouble. Care to name any?

Vanquis - owned by Provident Financial?
I don't think anyone here is in their target market.

 

[John Redman]

Vanquis - owned by Provident Financial?

John Lewis Financial Services? They do a 0% credit card not run by anyone
else for them, and are not, AFAIK, a bank.

 

[Tim]

John Lewis Financial Services? They do a 0% credit card not
run by anyone else for them, and are not, AFAIK, a bank.

Quoting from their literature :-

"... John Lewis Financial Services Limited, which is a member of the HSBC
Group, ..."

 

[Tim]

Even if you are a supermarket (eg sainsburys) you just add the
word "bank" after your name and hey presto you're a bank!

It's not quite *that* simple!

Banks have a lot more regulation to deal with than supermarkets ...