'Greater awareness' of purchase protection offered by credit cards expected in 2012
American Express expects more Brits to be aware of the purchase protection offered by credit cards this year
'Greater awareness' of purchase protection offered by credit cards expected in 2012”
Britons will become more aware of the purchase protection offered by credit cards this year, according to an industry expert.
In an interview with Marketing Week, Richard Harris, vice president of acquisition at American Express, claimed that many UK consumers wrongly have a negative opinion of credit cards when they actually offer a wide range of benefits.
He told the news provider: "Credit cards offer legal protection for purchasing. This is a benefit that is underplayed, but if you've experienced faulty products, the level of protection can never be underestimated.
"Given the shift in consumer behaviour to buy more online, that protection can only be a good thing. Next year will see a growing awareness of it."
Under section 75 of the Consumer Credit Act, credit card holders that make a purchase of between £100 and £30,000 will be able to claim those funds back from their card provider if the retailer in question defaults.
American Express has teamed up with British Airways to release a credit card linked to the airline's Avios air miles programme.
Posted by Jack Ramsey
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