Just take a look at a website called Ripoff Report. The sheer volume of complaints by people is staggering. It is convenient to use creditcards, but it is also convenient for thieves to make fraudulent charges and it is easy for the issuers of creditcards to make unauthorized charges. Don't kid yourself, it is up to the issuer of creditcards to determine whether charges are fraudulent. If they disagree with you, they win, period. You are not in control.
The most deceptive part of all this is the Universal Default clause in agreements for these creditcards. They can determine you have defaulted on our agreement by simply having a falling FICO score. In a default, all deals are off. Your interest rate skyrockets, fees fall from the sky, and your credit gets trashed if you aren't careful. It is a trap, that is extremely profitable for the issuers of creditcards. It is the ultimate ripoff because Congress won't do anything about it, nor will the OCC who oversees the banking industry. You're on your own. You should just close all your creditcard accounts. Creditcards are financial traps.
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