Credit cards are fast replacing cash as the currency of choice in todays busy, often turbulent world. For an executive with a lifestyle built on speed, digging through a wallet for cash can be a waste of time, especially when the single swipe of a credit card can finish a transaction instantly. For a college student low on funds, a credit card can be a saving grace, especially when emergency purchases need to be made. For an employee with average income, a credit card is a chance to buy now and pay later.
Credit card companies, however, are aware that credit cards can be abused, and that credit card scams abound. Someone who claims to be an executive can actually be someone who assumes the names of wealthy people, and who uses their names in making expensive purchases. A college student can sometimes abuse a credit card and use it to buy liquor or drugs, all while the students parents think that the card is being used to purchase important materials for school. An employee may get carried away with purchases, as a credit card can conjure the illusion that no money is being paid.
As a result, credit card companies are now stricter when receiving credit card...