If The PSN Attacks Have You Thinking Of A New Credit Card...

In the wake of the attack on Sony's PlayStation Network, lots of people will be cancelling their credit cards. Just in case. That won't cost Sony a cent, but boy will it cost the banks.

It's estimated that, with the little slivers of plastic costing banks $US3-$US5 to replace, if large numbers of PlayStation Network account holders do the safe thing and cancel their cards it could cost international banks up to $US300 million.

There will also be money lost while cards are being replaced as, without cards, the bank's customers won't be buying anything on them, hitting their back pockets even more.

Not that this will upset any of you, since these are banks we're talking about. Indeed, I'd imagine it may - red tape aside - convince more of you to cancel than would have otherwise been the case!

UPDATE 4-Sony breach could cost card lenders $US300 mln [Reuters]


Comments

    Sometimes it costs customers to replace a card so they may not be at any loss at all.

    It's why I have a debit card for online transactions (separate from my credit card), after all they can't use what's not there. I only transfer money when I want to use it.

      that's the smartest way about it. I have lived comfortably without a credit card my whole adult life. I don't want to use money that I haven't yet earned or have on me.

    lol at anyone using a bank that has fees at all. My credit union has no fees, I got some cash out and cancelled both my cards, new ones next week. Easy.

Join the discussion!