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Credit Cards - Yes or No?
By businessbroad | April 10, 2007
I know that some people are a little old-fashioned and they spook easily when it comes to credit cards, but I still love them. No matter how bad they are, they’re nearly always better than cash.
People constantly cite fraud as a reason not to use credit cards, but I see fraud as the number one reason FOR using credit cards. While it can be tough to argue with a company to get your money replaced (after fraud has occurred), it’s a whole lot easier than getting cash back from the fraudster, or getting compensated for a CHECK that was written without your consent.
While it is definitely easier for someone to get your number and use it fraudulently, you can do things to minimize the inconvenience if it ever happens. I always keep a couple of cards. That way, if there were fraudulent charges on one, or if one was stolen, I have another card, stored somewhere completely different, that I can pull out and use while I’m sorting everything else out. It’s never happened, but I’m ready if it does.
As a small business owner, you really can’t beat cash back benefits when you’re buying your inventory. With most cards allowing you to earn up to $500 in annual rewards, you could do quite well for yourself over the course of one year and a couple of cards.
So no, don’t expect me to join the “cash only” crusades any time soon.
Topics: General |