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Been doing this for a few years. I have my debit card "locked". My CC info has been stolen a few times. I've always been alerted right away and I've never had to pay a dime in fraudulent charges. People have said "oh I'm so sorry that sucks!" but it's never been a hassle. I just use a different card in the mean time.
Meanwhile I had a friend whose debit card got hit for several hundred dollars. He was out that money for weeks til he got it paid back.
Plus the rewards are nice. I know there's no such thing as "free money", but it's still nice to get something extra that I wouldn't with a debit card.
I use my credit card for every payment I can. I only use the debit card if I need cash.
I get cash back on purchases and double cash back for buying at grocery stores and gas stations. Someone hacked my account a couple of months ago (Probably a card scanner at a gas station) and the matter was settled within a couple of days including a new card and all fraudulent charges erased. Why wouldn't I use my card?
I use my credit card for every payment I can. I only use the debit card if I need cash.
I get cash back on purchases and double cash back for buying at grocery stores and gas stations. Someone hacked my account a couple of months ago (Probably a card scanner at a gas station) and the matter was settled within a couple of days including a new card and all fraudulent charges erased. Why wouldn't I use my card?
You know I just realized that is what I am doing now and didnt realize it. I been using the Amex for Uber, and Discover Card for food and bills because I dont get my first pay until 9/13 which is when I will pay everything back. I also plan to get to the ATM tomorrow to get cash for my trip to NYC on saturday which would be food and use the credit cards for shopping
I pay everything with a credit card except for health insurance and the electric bill, and that's because I am only allowed to pay by ach/debit for those two bills. Occasionally, I do run into a few places that won't take credit cards for certain transactions, mainly government stuff I think. With my card, I am able to transfer the cash-back rewards directly to my trading account. The nice thing about cash back is that it isn't considered income, so I don't have to track that for tax purposes.
I was listening to Frank Abagnale talk about his life. He has spent the past 40 years working for the FBI. He is an interesting person to listen to. Some years back a movie about him was made based on his book, Catch Me If You Can
In a question and answer segment he was asked about debit cards. He commented that he never uses them. That a debit card does nothing for you and can open you up to fraud. He says he uses credit cards for everything. When the bill comes he pays off the bill.
Frank mentions that with a credit card, if you suspect fraud, you call your credit card company and they will suspend the payments to the fraud. They will cancel your card and send you a new one right away.
With a debit card you might lose your money, wont have use of it until an investigation takes place. It might take weeks to get your money back.
While a credit card used wisely builds your credit, a debit card does nothing for you.
With a credit card you are using someone else's money during the month for free, as long as you pay off the balance when the statement comes. Your money stays in your bank and only comes out when you make that payment.
The idea sounds intriguing. Anyone else using a credit card to pay the bills and then paying it off each month and not using a debit card?
Isn't that what any financially intelligent person does?
Yes. I've done this for years. I get the cash back reward, which isn't much, but it adds up. Even when the business charges a fee to charge to a credit card. I charge everything I can, from groceries to a new a/c system.
My father does this as well.
We don't charge because we don't have the money to pay at the time. We charge for convenience and cash back reward.
A plus is that there' a clearer record of spending. I can look at my charge card & see how much I spent on groceries/household that month.
OH...and I did have money stolen from my bank account via my debit card some years back. They timed it for pay day, and did it twice over the weekend. Almost cleaned out my account. The bank paid me back, thank goodness. The bank actually had a system where a user couldn't charge TWICE over a weekend (to prevent this sort of fraud thing), but the system didn't work. AND the bank had increased the max I could withdraw without notifying me, which was why the criminal got so much. I haven't used a debit card since. DON'T USE DEBIT CARDS. Once you use it at a merchant's place, your debit card # AND your PIN is in the merchant's system and can be obtained via hacking. Also, someone standing a ways away can capture your debit card info electronically with a reader. Then they take one of their blank "white cards" and punch in your numbers.
debit cards and credit cards do not have the same protection . the problem is if your pin is used with a debit card it opens up a whole other set of conditions and potential for not getting your money back .
there are hitches too with a debit card as far as networks that are used and your protection .. if the bad guy uses an unapproved net work you are not covered with a debit card .
With credit cards: The governing law is the Fair Credit Billing Act, which is implemented by Regulation Z.
The law limits liability on stolen credit cards to $50, and if you report the loss before your card is used, you are not responsible for any charges. Most major credit card companies and issuing banks also offer zero liability protection to consumers
. In other words, if a thief uses your account to make purchases, you’re not liable for a penny of the charges. Also, credit card users are not required to pay any amount that may be in dispute, meaning the cardholder retains use of the fund for the amount in question until the issue is resolved.
While policies have changed in favor of debit card transactions (providing greater protection and in many cases zero liability), you still don’t have the degree of consumer protection with a PIN-based card as you do with a credit card.
With debit cards: The governing law is the Electronic Funds Transfer Act and its implementing regulations, Regulation E.
In the event of a debit card theft, the victim may only find out after the money has been withdrawn from the account. Should you be aware that your debit card is lost or stolen, you can take action.
The Electronic Fund Transfer Act gives you the right to dispute an error on your bank statement and gives you some protections. For unauthorized card purchases, your liability is capped at $50 if you notify your bank within two days of realizing your debit card is missing. But between two days and 60 days, you could be responsible for paying up to $500 of a crook’s spending spree. If you wait more than 60 days to contact the bank, you will be stuck paying every cent of the unauthorized charges, which could cause you to lose everything in your checking account.
there is fine print too in debit card protection .... they make it sound the same as as credit cards but it is not .
Debit cards issued by Visa or MasterCard may be covered under their zero fraud liability policies, but only when the transactions are processed on their networks. When you complete your transaction as “credit,” it will likely be processed on a Visa or MasterCard network, based on the logo on your debit card. However, when a PIN is used to complete the transaction, it's more likely that it will be processed on a different network and therefore isn't covered under Visa's or MasterCard's zero liability policy.
we had a fraud once on a debit that used a pin . it happened in the lobby of our bank too. that card never saw the light of day except in the lobby of our bank . the credit card company felt it came from within the atm system .
With debit cards, the Electronic Funds Transfer Act limits liability to $50 if you notify the bank within two days of discovering the fraud on your account. However, if you wait longer than two days, you could be liable for up to $500. If it takes you more than 60 days to report fraud on your debit card, you could be liable for the entire amount.
I never used a PIN with my debit card unless I did not have a choice. I always had it run just like a credit card, for that very reason.
With credit cards, there are also limits, within such time you have to report the loss or be liable.
Never use your debit card anywhere except the bank ATM that issued the card.
Really?
How about when you need €200 in France?
Your statement is ridiculous.
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