00:00 🌍 Travel Industry Instability
The travel industry faces instability, with recent examples like airline and cruise line closures impacting travelers.
Tour operators often face issues with credit card companies withholding funds until services are completed, leaving consumers vulnerable.
Credit card protections for travel bookings are strong within 60 days but become less clear beyond that period, emphasizing the need for caution.
03:01 ✈️ Booking Tours and Cruises: Credit Card vs. Debit Card
Never use a debit card, electronic transfer, or check for booking tours or cruises due to extended prepayment and risks associated with supplier failures.
Credit cards with supplier default coverage provide additional protection even when federal regulations might not cover losses.
Trip cancellation or interruption insurance bundled with credit cards can offer peace of mind and financial protection in case of supplier default.
04:38 🛫 Airline Ticket Protection: Credit Card vs. Debit Card
Historically, credit cards offer robust protection for airline ticket purchases, even beyond the typical 60-day period.
Paying with a credit card ensures protection against airline failures, whereas debit cards offer little to no consumer protection.
Debit cards are cautioned against due to their limited protection and are deemed risky for purchasing flight tickets.
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