Letting Someone Borrow Your Credit Card Can Be Trouble
Do you ever let someone borrow your credit card? If you lend your credit card to another person, there’s a one-in-three chance you’ll end up losing money or the card itself, according to a new CreditCards.com poll.
In the survey of 2,253 U.S. adults, 49% admitted to lending their cards to spouses, children, friends, co-workers or other people to make a purchase. But 35% of those cardholders saw negative consequences, including overspending by the other person (19 percent), not getting repaid for the debt (14 percent) and having the card lost, stolen or never returned (10 percent). Keep in mind that you’re responsible for any charges someone makes with your card that you gave them!