As you may know, November is Financial Literary Month. Now that the month is winding down, you’ve had lots of opportunities to learn about how to manage your finances better and get and stay out of debt. While learning about fiscal responsibility you may have found yourself thinking the only way to maintain financial health is to cut up all credit cards. Surprisingly, nothing could be farther from the truth. In fact, if you use credit responsibly, you can improve your financial circumstances.
Unfortunately, credit card theft is a constant & prevalent occurrence in today’s world. Last year American Express Canada, MasterCard Canada & Visa Canada reported a loss of $18,322,777 CAD from just stolen credit cards alone – affecting 34,408 cardmembers. The same report shows an average loss per account of $532.52.
While most stolen card purchases seem to be electronic items, such as Apple products, or used for online shopping, some criminals go out of their way to be different.
Five Strangest Purchases Made With Stolen Credit Cards
- $1300 for a Puppy – Thieves in the eastern part of the United States decided to use their stolen credit card to buy their new best friend at a local pet store. Not only did they rack up over $1300 for a yorkshire puppy, they continued their shopping spree at a nearby shopping mall.
- $150 Pizza – Two women, in a small college town in the U.S., decided to spice up their Saturday evening by ordering 80 wings, two 16-inch pizzas, eight two-liters of soda, three orders of 8-piece stuffed bread with a stolen card that just happened to find it’s way into their pockets. At least they included a dollar donation to a children’s charity?
- $10,000 worth of guitars – Another set of American criminals created a scheme stealing identities and creating fake credit cards to purchase thousands of dollars worth of goods – including a stop at a local music store to pick up $10,000 worth of guitars.
- $31,000 of gas – Thieves, who may still be at large despite video evidence, used a stolen credit card from a recycling truck to purchase 9,000 gallons of gas over a period of almost an entire year.
- $9,000 at Target – These criminals, also caught on videotape, used a stolen credit card to purchase thousands of dollars worth of gift cards within minutes, all at the same register – with the same cashier!
Ever have your credit card stolen?
What was the strangest fraudulent purchase you personally experienced? Let us know in the comments below…
The announcement confirms Amex Canada will continue offering AeroplanPlus cards for both consumers and corporations, while Aeroplan will continue to participate in the Amex Membership Rewards Program allowing cardmembers to transfer AMEX points to Aeroplan on a 1:1 basis.
It’s time to say goodbye to your credit card. You’ve had enough of the blackout dates & poor customer service and your shiny new rewards card just arrived. Or, maybe you’ve finally taken advantage of a balance transfer to get a lower interest rate and now need to cancel your old account. Cancelling a credit card account is a fairly simple process, but there are definitely some important things to do before sending that old card through the shredder.
Reward programs are not as contemporary & hip as you may think. Loyalty or reward programs have been a part of our consumer culture for quite some time. For instance, Canadian Tire started a rewards program back in the 1950′s with their ‘Cash Bonus Coupons’ or Canadian Tire Money featuring “Sandy McTire.”
While reward programs are extremely popular, and have been for decades now, most program members are not maximizing the benefits. Many of us are working to pay off our credit cards, instead of letting them work for us. So, how are you supposed to get the most out of credit card rewards programs?