The NYT breaks down the different security risks by payment type. The takeaway? No method is perfect, but credit cards have the strongest legal protections for consumers.
If you buy something with your Visa card at Best Buy, you’ll have to go the old fashioned route, comparatively speaking, and swipe it. Visa demands that contactless payments have to be signed, which is more profitable for Visa but not for Best Buy. Visa refused to change their policy, so Best Buy says it will no longer allow customers to pay that way, reports StorefrontBacktalk. Mastercard doesn’t ban PINs on contactless payments and will continue to be an option.
Americans are choosing plastic over paper when it comes to paying off the nearly $300 billion they rack up annually in medical charges — the leading cause of bankruptcy — every year, CNNMoney.com reported earlier this month.