Posted: Mon Sep 03, 2007 4:19 am Post subject: Which is safer - Credit/debit card?
Debit and credit cards are something we cannot do without. But many of us often fail to protect the cards from people out there to misuse them.
Until a few years ago, one could easily say how a credit and debit card differs. A debit card is the one you can use at your ATM with a PIN Number whereas credit card is one you use to make big purchases or when you don't have the money at hand but need urgent cash.
But in recent times, you can get debit and credit cards � both having the same company logo and can be used to make purchases online. But even then, legal protections vary when it comes to dealing with credit and debit cards. But which is more safer? I'm not sure, can guess that debit cards would be safer but credit cards are more useful..any thoughts on this??
I would say a debit card simply because in a non security stand point, the money in the debit card account is yours and not a credit card companys. As for security their all the same in my opinion.
I favor credit cards as I receive more security in case of card fraud.
As per laws, my liability if any cc fraud occurs is limited to $50. As an example if I notice any suspicious charge on my cc statement like double billing or any incorrect charge, cc company has to investigate & resolve the matter within 90 days if I send them a written request.
But in case of debit card, my liability is up to $50 if I notify within 2 days. But if I wait for more than 2 days but report unauthorized transaction within 60 days from the date bank sends the statement which contains the error, my liability would be up to $500.
If I delay any longer then liability would be $500 + the amount of unauthorized transactions after the 60 days period.
Thus I lose more in case of dc fraud as compared to cc frauds.
Forget the debit. Surfing for the PIN is out there. Yes you'll get your money back usually sooner than required but you can bounce check in the meantime. These crooks move fast cleaning out any account linked to the debit card.
I prefer credit cards when it comes to getting cash urgently. And, there are laws too protecting consumers having credit cards.
Jonny Guest
Posted: Tue Sep 04, 2007 5:13 am Post subject:
If the debit card has a Master card or a Visa logo, then don't worry. Your card will be as safe as a credit card.
Ani Guest
Posted: Tue Sep 04, 2007 11:38 pm Post subject:
Well I guess credit cards are much more safer because when you use credit cards you are actually spending banks money, So even if something goes wrong its the bank which will face the losses (if managed smartly.) I know I being a bit naughty here.
AB Guest
Posted: Wed Sep 05, 2007 12:02 am Post subject:
I will go with credit card in emergency but in case of regular needs Debit card is best as there is no hidden scam behind the payment and there is no harassment call from collection agencies. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
PS Guest
Posted: Wed Sep 05, 2007 12:14 am Post subject:
You can use both at the time of purchase anything but if you do not have enough money in your bank account then it will be better if you use your credit card for purchasing. And you will also get 50-60 days time limit to pay the bill. But incase of debit card the money will be deducted instantly from your bank account. You will not get any time limit for that. So for that reason I will prefer credit card instead of debit card.
Nowadays, you cannot be safe and secure with any cards, it might be a credit card or a debit card. The practice of scamming is on a rise. Even if you try to be safe with any card you have, you will find that unknowingly you are trapped.
So one should be very careful while using them. In case of any misactivities with the cards, one should immediately inform his/her bank and if required, should also take any legal action towards it.
To carry a credit card in your pocket might instigate you to go for big purchases which could have been unaffordable otherwise. This might lead you to take instant decision without realizing the after effects. On the other hand debit card will always restrict your finances according to your capacity. It helps you to cut the coat according to the cloth.
But it has to be admitted that the security for a credit card is far more than that of a debit card.
1. Talk to your bank or credit card company and ask them how they handle fraud cases? Do they hold you responsible for purchases you didn't make? And will they make you try to retrieve the money if someone stole it?
a. My friend had a card with 5/3rd. A company in CA got his number (not legally) and charged it $500. His bank said they would investigate but that he needed to get the proper documentation from said company. We all thought you must be joking right. How could you get something to back up your story from someone that just robbed you? Answer. You can't.
Moral of the story I recommend having 2 debit cards. 1 for day to day purchases. and the other for making any kind of online payments. If you only keep enough money in this second account to cover the purchases you make and only deposit when you need to...there is little risk of losing. _________________ Eric Matthews
helping_user
