Several people I know have been victims of identity theft/fraud and the biggest scam lead to getting cleaned out $10,000 through some guy pretending to be a DHL delivery man, luckily it was a transaction done on a credit card and he was no liable for the charge.
Had this been a debit card I assume it would be much harder to get the money back plus it will go straight from your bank account.
This has made me feel like I need a credit card card, just for the fraud protection purposes. I have always felt uneasy paying by debit card in certain places when I didn't have cash.
Is it possible to get a credit card based on amount saved with the bank and Irregular deposits ?
I have an irregular income in terms of amounts and intervals as most budding fastlaners do and I have no tax returns to prove income as I was under the threshold last year but this year I will be paying tax at the highest personal rate.
Can a bank issue a credit card with the above criteria ? I just need one for small personal expenses and paying off the balance within the free credit limit period.
What you are referring to is called a secured credit card.
Open a $500 certificate of deposit. Bank issues a $500 line of credit. The amount is up to you.
I think it is a very responsible way for people to make use of credit.
Worst case scenario .. the bill is already paid.
Keeps you out of trouble.
Otherwise ... it is very easy to fall into a cycle of debt.
Keep your credit limit low.
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