WHY PURCHASE ONLINE WITH CREDIT OR DEBIT CARD

Most financial experts agree that there's no single best payment method; it's just a matter of personal preference. But what should you use when it comes to online shopping? Both credit and debit cards are a good way for fast transactions.

Purchasing online via Debit Card

Cards like Mastercard for example have price protection and purchase protection which means you have coverage for most items you purchase if the item is damaged or stolen within 90 days of purchase.

(Source:https://www.mastercard.co.uk/en-gb/consumers/features-benefits/card-benefits.html) Visa as well have some benefits that cover eventual fraud activities. You can read more about Visa benefits here.

Purchasing online via Credit Card

If you need to buy something expensive and can’t afford to pay for it all in one go, then a credit card is ideal, as long as you use it sensibly. It basically allows you to pay for the item in full and then spread the costs over a number of months, by making a series of payments to clear the balance. As long as you pay the total off before the end of the interest-free period then you won’t get charged anything for using the card in this way. So, do not forget about the deadline and stay on track with your payments.

You get protection if you pay with a credit card. If you buy something that costs between £100 and £30,000, you will get your money back if it all goes wrong. In other words, if the company goes bust, or your purchase is faulty or doesn’t turn up, you won’t lose out because you can claim the money back from your credit card provider.

You’ll also have protection if your card is used fraudulently as your card provider should refund the money.

Some credit cards offer 0% periods meaning you can effectively benefit from an interest-free loan. You need to make the minimum monthly payments though, and clear your balance before the 0% offer ends though otherwise you’ll be charged interest.

Another benefit of credit card is that some cards even offer incentives to spend, such as cashback, loyalty points or air miles, which means you could actually make money from your credit card. These are, however, only worthwhile if you pay your bill in full.

However, in modern days you have to be very careful with your online transactions. There are a few tips below how to have fraud prevention plan. That is why in order to rest assured of your purchase and finances we have gathered few tips to help you.

Fraud Prevention Tips

Tip #1

First thing you should do is  to check that the website you are purchasing from is secure and encrypted. What does this means? In short the URL should start with https, not http. There might also be a key, lock or certificate displayed. This means that the site offers encrypted SSL (Secure Sockets Layer) transactions.

Tip #2

Another important step to stay secure is to check the site's contacts. If no phone number is listed, that's a red flag. If you doubt the business's legitimacy, try to contact someone at the company through e-mail before buying anything, and wait until you get a response before completing the purchase.

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