(800) 853-2651
SHOP NOW

OT: credit vs debit cards

D

DENNIS MIN

Member
All,

I am a first-hand know-it-all from the wrong end of the whipping stick....tongue-in-cheek.

As far as I know...

If a credit card (not prepaid) jas been hijacked, stolen, etc, the company is on the hook for improper purchases if you notify in accordance with their rules.

However, a debit card is outta your checking account and you gotta fight to prove you did not purchase the item. In simple terms, you're out the money til you prove otherwise.

I think that credit card companies do not want this tidbit to be released.

D.

tin-foil-helmet on
 
Dennis,
I dont think the CC companies hide that fact. I have heard it for quite a few years.

If you notify the CC company max risk to you is $50. Debit card, you are not so lucky. For any purchases I only use a CC.

Rick
 
we had our acc. hacked by some as-hole in Greece and had got 3500.00 before we caught it and it was on a debit card only. Bank replaced [[[ALL ]]]] money on the spot that were not charges made by us and when they recovered it they just keep it well long story short we only lost about 10.00 . as to CC or debit our bank said both are protected the same. BUT it also pays to bank at a home town bank and they know our buying habits. this was a visa card
 
Marlowgreg,

I suspect the state laws mat have a determination of what happens.

I do not know much other than experience, seeing as I had felt the effects of both, a credit card and debit card fraud, and can say that the credit issue was significantly less painful than the debit problems.

Hope your never feel the pain of theft again,

D.
 

My Chase Debit card number was used in some other state a few months ago. Chase Texted me, and emailed me, and called me all with in 5 minutes, changed my debit card number and sent me a new one in two days...All I said was, hello and no I didn't buy that...and they did the rest.
 
Legally I believe that's correct - but the big banks have a certain amount of good will they'll allow for on debit cards. It's cheaper than arguing with consumers.

But call them every month and tell them you didn't make that purchase on your debit card and they're going to shut you off eventually.

The real problem with either debit or credit card theft is the charges you don't notice.

Gas is a big one. Unless you've got a tight routine down - it's easy to miss fillup charges at random stations.
 
My banker (the president) told me the bank is liable for all unauthorized purchases on my debit card. They buy insurance just for that. By the way, it is a Visa card.
 
While my bank makes a big deal about how you are covered against fraud; when you read the fine print you find out they will only cover anything on the debt card that goes threw Visa. So really that is protection threw Visa.

Any ATM or pin debt card transactions are a done deal with no recourse.
 
The policy of the credit union I belong to is that my maximum liability for fraud on my debit card is $50. If it were not secure, I wouldn't have one.
 
Just recently my bank called that a questionable $2.50 charge on my debit card, they refused it and advised me to cancel card and get a new one.
 
The one thing that has NO Protection is a credit card issued to a business. Keep credit cards in your name, and pay your self back from your company. We had $3500.00 charged to a company card for gas over two days, the gas station Manager who found, and then stole the card, is in jail, but the Boss still had to pay the charge.
 
I don"t know for sure, might depend on the bank, but I used my debit card to pay for a PayPal purchase on Evilbay once. Some fraud happened and they emptied my checking account. I got with my bank and after the first PayPal charge, they put the money back in my account. I"ve also never used PayPal since...
 
Don't know why anyone would want a debit card. Purchases are charged immediately to your bank account, but you get a 25 day float with a credit card. Credit card losses are limited to $50, but with debit card the bad guys can drain your bank account.

Never had a debit card, never will. Been using credit cards for most everything for many years, pay in full every month, have never paid a dime in interest. But we just got a check for $300 from credit card company, for using their card. Don't understand why they do that, but I'm not complainin'.
 
You can run your debit as a credit card and be protected. There was a big scam a couple months ago and the banks were telling folks to do that for protection.
 
I just don't understand why Americans accept such an insecure way of handling money. CHIP AND PIN. Get with the times. Debit up here is just plain smart. It costs the consumer as little as $0.00 to use, and costs the retailer under $0.10/transaction to use. Visa/Mastercard debit hardly exists up here. All debit is done through the Interac network. I'm not really bashing Americans and their choices, it just seems so dumb to have your money so insecure.
 
A Visa is not a debit card. Visa is a credit card. A debit card draws directly from your account. They are two different cards.
 
I too don't understand the desire for the debit card. You ,like others, pay off the credit card and get to use their money for free. At times I use my card as a operating loan.

By the time the bank charges me a loan origination fee, a UCC filing fee , and some other service charge to put the amount of the loan balance on my bank statement, I can pay the CC interest rate and come out at the same result. The plus side is I aint got the big mouths at the bank blabbing about what I am spending money on, and I don't need to even take the time to walk in the place.

I got no complaints about credit cards.
 
My bank says the account is covered in case of fraud. Also, if the debit is used 10 times in the month the checking account pays more interest than a CD. It works good and makes sense to me. I use the debit for small purchases and credit for larger.
 
Ours is a VISA debit card. Can be run as cc also, but it's just a replacement for the paper checkbook of old.
I started using mine in the mid/late 90's and at that time it called a "check card" by the bank.
 
Credit card companies LOVE you to use credit rather than debit: The merchant fees they charge are much higher for credit. Like farmerboy says, here in the US we allow the banks to rape small businesses with their exorbitant fees.
 
You must log in or register to reply here.

Similar threads

C
OT- debit cards
2
Replies
38
Views
10K
mkirsch
M
Tractor Parts Tractor Manuals

We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today.

Copyright © 1997-2024 Yesterday's Tractor Co.

All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.

Yesterday's Tractors - Antique Tractor Headquarters
Website Accessibility Policy

Back
Top