Any credit card which protects against fraud?

[nealrm]

There is a difference between fraud protection and guaranteeing that anything you claim as fraud will be refunded. Also, purchase protection for some CC covers only lose or damage to the item for a limited time and doesn't cover fraud.

What type of purchases are you planning on making that has you so worried?

[mikehende]

We are always on the lookout to purchase anything which might be worthwhile for resale. One computer recycler told me he had a great customer for 10 years until she made a large purchase one day and was never seen again and her check bounced. Things can and do happen, I guess that's why all business is called "risk".

[Harold Mansfield]

Starting and running a business is a risk. But sending money to people doesn't have to be. I understand always looking for products for resell opportunities, but surely there is a better way other than hope and prayer. Aren't there reputable middlemen out there who sell overstocks and "knick knacks" in bulk?

[mikehende]

Here in NY, everything is way overpriced, any deals would need to come from out of state.

[nealrm]

It's starting to sound like your business plan is finding merchandise that is under-priced, selling it at a mark-up while having someone else take the risk on the transaction. There is nothing wrong with the first half of that business model, many people do it. However, part of the reason you get a mark-up is that you are willing to take the risk. If a standard CC were to offer that service, people would just buy from your seller directly. Insurance companies need to make a profit, so premiums would offset any loses and negate your profit. In short, that risk of part of the business model of buying lowing and selling high. I would incorporate a projected loss into your prices and expect that some deals will fall through. You can move to COD only payments to reduce the risk, but I suspect that would decrease the bargains that you find.

While it might be possible to reduce your risk, moving to someone else is going to substantially reduce profits.

[Sarah K]

There's always some sort of basic fraud protection for credit cards from major banks. If someone steals your card number online, for example, and you report fraud they usually take care of it. You can also do a charge-back through the CC company, which means they cancel the charge and it goes against the company that the charge was made through.

And every CC I've ever had, the company has tried to upsell me on fraud protection. I've never bought it, I've had fraud before and it's always been taken care of.