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Since getting my credit card limit raised substantially, I've been doing all my transactions and bills with it, then paying off the card with a transfer a day before the due date. (Bank account and credit card is through the same bank)
I've found this to be a more manageable and less riskier way to go about things. It also helps me get an easier look at how much I'm spending each month, as I don't budget for incidentals.
I've never been the victim of fraud, but I like the idea of putting that risk onto a lender versus my own funds.
With a debit card from a good bank, you funds are not at risk. Use a fly by night debit card and well, not too smart.
If your bank doesn't cover your debit card against fraud, then you aren't paying attention. Shopping for a debit card or credit card is as important as using it.
If you need to limit where you use your debit card, that says more about your choice of debit card than the places you use them.
There is absolutely no point in using a debit card where a credit card would suffice.
Drawing money out of your account instead of taking a 30 day free loan.
Risking your own money vs using someone else's.
Even months after I paid for something, when the time came, my credit card refunded the money (thousands) when the company fell through and didn't send me the furniture I'd bought. If I had used my debit card, I would be out all that money and fighting with all the other creditors to try and get it back. Versus a 2 minute phone call to Discover.
I don't see the point of debit cards whatsoever, and mine's not even activated. It's somewhere around here...
There is absolutely no point in using a debit card where a credit card would suffice.
Drawing money out of your account instead of taking a 30 day free loan.
.
.
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I don't see the point of debit cards whatsoever, and mine's not even activated. It's somewhere around here...
The husband and I feel the same way!
NEVER even activated a debit card... absolutely no need to.
We carry a debit card only because if funny charges start showing up, both our credit cards may be locked up pending investigation, while the debit card will still work. That preserves your quick access to cash if you are picking up a rent-a-car or paying for dinner or for a taxi to the airport. Otherwise, I don't know of a reason to have or use a debit card.
With a debit card from a good bank, you funds are not at risk. Use a fly by night debit card and well, not too smart.
If your bank doesn't cover your debit card against fraud, then you aren't paying attention. Shopping for a debit card or credit card is as important as using it.
If you need to limit where you use your debit card, that says more about your choice of debit card than the places you use them.
When you use the debit card as a credit card (signature rather than PIN entry), it carries the same MC/Visa fraud protection as a credit cart. The difference is that in most cases with a debit card your bank account is restricted by the amount of the charge while the dispute is being resolved (I say "most cases" because if you have a good relationship with an independent bank or credit union they may reverse the charges pending the outcome) whereas with a credit card you have the option of not paying for the charge pending resolution, leaving you with unencumbered access to your cash.
Most "legitimate" banks do offer fraud protection when using the debit function, but when someone tries to charge something fraudulently against your account the card is immediately deactivated and it generally takes a few days to get a new one (BTDT). So while most bank debit cards are covered, it can still be a huge PITA so the advice to watch where you use it is still good to follow.
When you use the debit card as a credit card (signature rather than PIN entry), it carries the same MC/Visa fraud protection as a credit cart. The difference is that in most cases with a debit card your bank account is restricted by the amount of the charge while the dispute is being resolved (I say "most cases" because if you have a good relationship with an independent bank or credit union they may reverse the charges pending the outcome) whereas with a credit card you have the option of not paying for the charge pending resolution, leaving you with unencumbered access to your cash.
Most "legitimate" banks do offer fraud protection when using the debit function, but when someone tries to charge something fraudulently against your account the card is immediately deactivated and it generally takes a few days to get a new one (BTDT). So while most bank debit cards are covered, it can still be a huge PITA so the advice to watch where you use it is still good to follow.
you info is not correct. you really have to read the agreements. cardhub dug deep into the agreements on visa and mastercard debit cards. you can see the below info right on the websites in the fine print.
while visa and master card like to advertise their zero liability on debit cards the fine print in their terms says other wise.
"'if you use your PIN to process a Visa debit transaction, the $0 liability is only applied if the actual transaction is processed on the Visa network. If not, there is no liability limit. As CardHub points out, it’s nearly impossible for most consumers to know which network is processing any given card transaction.
And if your PIN is used fraudulently at the ATM, Visa states, “The liability is with the issuer.”
you will have to argue it out directly with the issuer of the card not visa and are subject to their decision.
as far as mastercard, zero liability is only true if::
“Your account is in good standing; You have exercised reasonable care in safeguarding your card from any unauthorized use. (Failure to register certain cards will be considered as not safeguarding your card.) Unauthorized use means that you did not provide, directly, by implication or otherwise, the right to use your card and you received no benefit from the ‘unauthorized’ purchase; – You have not reported two or more unauthorized events in the past 12 months.”
With debit card purchases made using your PIN, MasterCard puts no limit on your liability. The same thing with ATM transactions where a PIN is used, however MasterCard does give each card issuer “the discretion to establish its own policy regarding cardholder liability, in compliance with the law. The issuer will outline its policy in the cardholder agreement, and provide information about how the cardholder can report a lost or stolen card or a transaction that the cardholder did not authorize.”
just what does safe guarding your card mean? there is no definition. does getting gas at a gas station in a seedy part of town mean they can say you didn't safeguard your card? to vague for my comfort.
that is alot of fine print where you are liable compared to a credit card.
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