As far as the safety is concerned....it is definitely a credit card.
For any unauthorized transaction which happens through a stolen CC you have to bear only the first $50 of the transactions. Incase of the debit card the liability remains the same $50 but only if you notify the CC company within two business days otherwise penalty could be around $500.
When a thief spends from the card..in case of a credit card the account used will be that of a creditor but in case of a debit card the account used will be yours. Therefore things will be more tough.
However I dont deny the usefulness of a debit card. While making purchases its better to use available money than going into a debt.
Posted: Fri Sep 28, 2007 11:17 pm Post subject: RE: both credit and debit cards are essential
Hi all,
Credit and debit cards are both essential for any individual. But it is important to know when to use which card to get the best results. For big purchases over the internet or phone, it is best to use a credit card as it offers more protection unlike a debit card.
If a debit card is stolen, the person doing so will withdraw cash from your bank account by using your debit card data. So, in a way you lose your money without having done anything for your personal use. But if a credit card is stolen, at least the purchase is initially by the card issuer and so as a victim you don't have to pay the money until and unless the matter is disputed.
Besides, when you use a credit card, the funds you use are that of a creditor. So, there's no use of your personal account. Hence if a person gets access to your credit card data, your personal bank account isn't affected unlike a debit card.
Posted: Wed Oct 03, 2007 3:11 am Post subject: debit cards and credit cards
hi, well i will prefer debit card. caron, we can even make purchase using our debit card. what ever we buy in credit card is like a debt we have to pay for the bank anyway, later. but where as in debit card its our savings which we will spend. Anybody can buy using another person credit card by fraud signature where as in case of debit card pin number is needed to purchase so its not possible for the frauds to make use of it.
Posted: Fri Oct 05, 2007 11:54 pm Post subject: RE: credit and debit card
Yes webmaster, you're quite right. Anyone can commit frauds by using one's signature in the credit card but there are laws that can protect the consumer and these are far more wider than that of debit cards.
I agree that for debit card frauds, one has to know the Pin Number. And, that's the reason as to why debit cards are stolen. I do believe both are essential and both can be used for various purposes depending upon how easy we feel using it for such purposes.
I would say credit card .You can get the protection for it and also keep your limit low so even if someone did get at it ,they could not spend to much before it would not let them use it.
Even though my debit card has a Visa logo on it and I can say credit and only have to sign instead of use a pin ,it still is a debit card and I cannot use more money than I have in my bank acct. I would vote for a credit card as you can pay a fee and have fraud protection or it already has it on there.
Oops! Sorry ,Did not see I already posted to this question.
Oh oh not a problem the good thing is indeed that credit cards have fraud protection. But even then there are frauds, i don't know how these guys keep on inventing new ways of committing frauds. _________________ Procrastination is the enemy of your financial sucess
Posted: Mon Feb 18, 2008 8:36 pm Post subject: Credit Card
I would go with credit card. I know Dave Ramsey would disagree but I have a credit card that I use to pay most of my utilities and all my monthly expenses, groceries, gas, etc. The balance is paid each month so no finance charges. With the credit card you are spending the banks money, earn rewards, keep your money longer, etc.
I also have to agree with carnahandavid and his explination of better fraud protection with cc as opposed to dc. _________________
Caron
the good thing is indeed that credit cards have fraud protection. But even then there are frauds, i don't know how these guys keep on inventing new ways of committing frauds.
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