GREENSBORO, N.C. — Chances are, if someone took my credit card and used it at a store, no one would question them. Why? How does the cashier or the chip card reader know it's not me? They don't. Which is why one of your fellow 2 wants to know viewers asked, “why don't stores ask for ID when you're paying with a credit card. Wouldn't that stop a lot of fraud?".
Are you ready for this? While the store may want to ask for it, the credit card companies don't usually allow it. Here's why: the credit card company and you have an agreement. They extend credit to you and you agree to pay them by signing for it. Your signature is key. They don't want you to be required to do another step.
But, and there's always a but, if your card is not signed on the back
then most credit card companies allow stores to ask for your ID. And then they will immediately ask you to sign the back of the card.
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Now, what if your card is signed on the back and the store asks for your ID and you don't want to show it, or can't for some reason? You can report it to your credit card company, but you may have to walk out of the store without your stuff. The merchant has the right to refuse your payment.
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