We have come a long way since the first plastic credit card was issued by American Express back in 1958. Today there are more than 640 million of them in circulation in the United States with a total credit card debt approaching $1 trillion. Many churches have succumbed to the appeal of credit cards. Whether your church has one, or is considering getting one, there are several issues for you to consider.
In the previous two editions of Church Treasurer Alert the following issues were covered:
- Does our church need a credit card?
- What is the difference between a credit card and a debit card?
- What happens if our card is stolen?
- Selecting a credit card
- What is credit card "blocking"?
- Avoiding credit card fraud
- Disputes on how much you owe
- Disputes over the quality of purchased goods
- Unauthorized charges
- Criminal liability
In this article several tax issues associated with the use of church credit cards will be addressed.