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If you're interested in getting a credit card and rebuilding your credit, you may want to look into getting a secured card. What you're describing is a debit card, not a credit card.
the devil is in the details on the visa and master card zero liability on their debit cards page.
the fine print basically leaves you at the mercy of the issuing bank if the conditions they stipulate were broken.
like visa will only cover the loss if a visa clearing network was used . like you can control where the bad guys put it through.
" Covers U.S.-issued cards only. Does not apply to ATM transactions, certain commercial card transactions, PIN or other transactions not processed by Visa. You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your issuer."
Location: 23.7 million to 162 million miles North of Venus
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Quote:
Originally Posted by randomparent
You're kidding, right?
No. What part of my post leads you to (sarcastically) believe that I'm kidding?
"Yes they can create havoc if they steal phones, keys and ID's"?
"those things can be replaced""
"cash cannot"?
"It doesn't matter if you have a death grip on your purse, if they want it bad enough they will get it, one way or another"?
Quote:
I am much more worried about what someone might do with my address (from my ID) and my keys than with a few hundred dollars. While it would upset me that someone took my cash, it would be the very least of my concerns. The lesson here is that we carry access to our entire lives around in our phones and wallets, which makes us extremely vulnerable to crime beyond the theft of our pocket money.
Like I mentioned above, if a person is going to steal a purse/wallet then, more often then not, they are going to steal it. Did I not agree that the theft of phones, keys and ID's would create a havoc? Home locks can be changed (and home security can be beefed up, if a person doesn't already have any security system in place, or has minimal security), car keys can be replaced (car locks can be replaced if a person is paranoid enough), ID's can be replaced (and freezes placed on credit reports), phones can be replaced. As I stated cash cannot be replaced.
When my purse was stolen it did create a hassle having to replace everything, etc., and I only had about $2 in coins in it. I replaced the deadbolt on my house, placed home security stickers, that a friend gave me, on my doors and windows, had a very good guard dog and a gun .. I wasn't worried about some random purse snatcher breaking into my home simply because the person knew my address ... I'd be more concerned about someone who is into B&E breaking in, over someone who is a purse snatcher/pickpocket. (edited to add..personally, I'd be more concerned about being stalked and possibly attacked while leaving a store after paying for my purchase with a wad of cash)
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That's the larger issue about which we should be concerned, not whether someone prefers cash, debit, or credit. So, forgive me, but I just can't get riled up about the cash/card debate.
Excuse me but what is the title of this thread? Since you're not concerned about "cash, debit, or credit" then why not create your own thread about how vulnerable a person feels if their keys, phone and ID is stolen, sans cash and cards.
Location: 23.7 million to 162 million miles North of Venus
23,646 posts, read 12,553,459 times
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Quote:
Originally Posted by mathjak107
the devil is in the details on the visa and master card zero liability on their debit cards page.
the fine print basically leaves you at the mercy of the issuing bank if the conditions they stipulate were broken.
like visa will only cover the loss if a visa clearing network was used . like you can control where the bad guys put it through.
" Covers U.S.-issued cards only. Does not apply to ATM transactions, certain commercial card transactions, PIN or other transactions not processed by Visa. You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your issuer."
Not counting the bank and merchant fees on any check that may bounce because of the lack of funds due to theft. It's up to the merchant and the bank to decide whether to waive those fees or not. And, there is nothing that requires them to waive those fees, other then the goodness of their pea-picking little hearts.
My debit card was hacked (at a gas station). I discovered it after a check bounced a week or so after they used it to buy 2 one-way plane tickets to Chile, $2300. I called my bank immediately, and they replaced the $2300.00 in my account the next morning. I get that banks don't have the same legal requirements as credit card companies, but does anyone actually have examples of a bank that did not replace the person's money when it was pretty clear that it was used fraudulently? I would think from a business perspective, most if not all of them would make good on it otherwise they'd lose customers.
Berdee, I apologize for being flippant. I've seen this issue rehashed time and time again here on the forums, and one of the big reasons pro-card people use to support credit cards is security. But in my personal experience, the incidents of fraud involving my credit card far out-number the times I've had cash stolen. As a matter of fact, I've never had my cash stolen.
There are, of course, circumstances where using a credit card is prudent -- purchase protection for large items, for example. Credit cards are also tremendously convenient, and I completely understand why many people would rather whip out a card than fumble with cash at the grocery store or coffee shop. Some people also manage credit cards to their financial advantage through cash-back programs.
That being said, I stand by my position that the risk of carrying cash is being vastly oversold. As for the choice between a debit card or a credit card for variable expenses, I would choose a credit card and pay it off every month.
Last edited by randomparent; 01-23-2014 at 06:13 PM..
Location: 23.7 million to 162 million miles North of Venus
23,646 posts, read 12,553,459 times
Reputation: 10491
Quote:
Originally Posted by randomparent
Berdee, I apologize for being flippant.
That's okay And I'm sorry for being the same back to you.
Quote:
I've seen this issue rehashed time and time again here on the forums
Yes this issue has been brought before. To some the topic is old (yes I know, yawn), but to others it may be new. There are many people who sign up on C-D daily, some of them are old hands in the credit world, some are newbies who are just starting out in that area. There are some who may have been on C-D for a while but have never been into this particular forum until they came in here on a whim, saw a thread on the C-D crawler that interested them, or they were driven in here because of the recent Target, and other retailer, breaches, or by the some other type of financial ID theft. Because of that I don't feel that it hurts to bring it up (rehash it) every once in a while. (and I believe it's been awhile since this topic has been "rehashed")
My debit card was hacked (at a gas station). I discovered it after a check bounced a week or so after they used it to buy 2 one-way plane tickets to Chile, $2300. I called my bank immediately, and they replaced the $2300.00 in my account the next morning. I get that banks don't have the same legal requirements as credit card companies, but does anyone actually have examples of a bank that did not replace the person's money when it was pretty clear that it was used fraudulently? I would think from a business perspective, most if not all of them would make good on it otherwise they'd lose customers.
My boyfriend. It actually really opened my eyes to how little he knew about finances (aged out of the foster care system and never had anyone to learn from). He left his debit card at a laundromat and someone used it to buy a club a round of drinks. And then another. And then another. He had his checking account linked to his savings, and they got EVERYTHING. My boyfriend had a few big upcoming, planned expenses that he had money in the bank for as well as a little savings and money in his checking account for all of his normal expenses. Funny thing is, he's not once set foot in a club.
The bank took almost a full month to return half the money. At that point, all of his bills had bounced (incurring hundreds of dollars in fees) and a whole series of unfortunate events caused by not having any money whatsoever. He did not have a credit card at the time because of credit problems in the past. The bank has yet to refund the rest of the money because he did not report it stolen until a few days after it went missing. It's unclear if he will ever get the rest, and certainly will not get any kind of compensation for the financial hell this has put him through for the last 6 months (I tell him it's his stupid tax :P). He's only now gotten himself out of the red for the first time, and that's by taking a 2nd job and working 70 hour weeks. Our relationship has taken a huge hit.
On paper, he looked like a financial mess. I can see a bank, looking at his < 3K savings account and spotty credit history, not taking his story seriously. By the time he reported it, they were no longer obligated to pay in full.
Meanwhile, I use a credit card for everything and pay it off weekly. Even when I first opened my account, I refused to get a debit card. Mine functions as an ATM card only.
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And I'm sorry for being the same back to you. 
