Jogeephus
Well-known member
The credit card thread got me to thinking, if you had to chose between a credit card and a debit card which would you choose? I know what I have chosen just want to be sure I chose right.
Jogeephus":24in6ejg said:The credit card thread got me to thinking, if you had to chose between a credit card and a debit card which would you choose? I know what I have chosen just want to be sure I chose right.
Jogeephus":17cd7ymw said:The credit card thread got me to thinking, if you had to chose between a credit card and a debit card which would you choose? I know what I have chosen just want to be sure I chose right.
Jogeephus":1ufmm7zc said:If someone stole your identity and made a fictitious card which one would cause you the most damage and which one would be easier to fix?
They would both be equally difficult to fix. Regardless of the type of card, you would be in the position of having to prove that you are who you say you are, correcting the damage done by the imposter, and restoring your name. In the case of the credit card, you are liable for the charges until you can clear up the mess. In the case of a debit card, your funds are tied up until you can clear up the mess, you cannot open a new bank account because of the overdrafts on your existing account and, unless all of your bills are local and you can pay them in cash, you are in the position of not being able to pay your bills.
I may be wrong on this but with a debit card if someone steals your number and uses it does this money not come directly out of your checking account?
Yes.
If so, could this not lead you to write bad checks?
Absolutely.
With the bad checks would you not be charged penalties by the merchants?
Yes, and you will also be assessed overdraft charges by your bank.
And lastly, will the bank make it a priority to fix the problem since it is not their money as they do when it is their money at stake in credit card transactions?
Most banks have a policy of limiting your responsibility to the first $50.00, provided you notify them of fradulant charges within a certain amount of time. Most banks also do not make any differentiation between credit or debit cards when it comes to identity theft - or any other kind of theft, for that matter. You do need to understand that banks cannot 'fix' identity theft - that is a legal issue, and it is the job of law enforcement.
Yeah, I use a credit card a lot and never use a debit card. I guess they have a lot of info on me too and I could not possibly care less. :lol2:Wewild":1a7492vm said:We use a credit card for most everything. I guess they got a lot of info on us.
Never used a debit card since college.
Jogeephus":2788d7bg said:I'm not trying to say they are evil evil. I know in this day and time you can hardly do without one. I'm talking about risk and exposure. So let me try it this way.
If someone stole your identity and made a fictitious card which one would cause you the most damage and which one would be easier to fix? I may be wrong on this but with a debit card if someone steals your number and uses it does this money not come directly out of your checking account? If so, could this not lead you to write bad checks? With the bad checks would you not be charged penalties by the merchants? And lastly, will the bank make it a priority to fix the problem since it is not their money as they do when it is their money at stake in credit card transactions?
Jogeephus":kzpk95j3 said:I have an attorney friend who told me to stay away from the debit cards since they are tied to your checking account. He was telling me how one person ended up writing a bunch of bad checks due to fraudulant card use by an identity thief. His client had written a bunch of little checks and the $25-$35 returned check fees totalled up in the hundreds of dollars and this person was responsible for them. This made me leary of the debit card.
Jogeephus":1d1rhsp4 said:The credit card thread got me to thinking, if you had to chose between a credit card and a debit card which would you choose? I know what I have chosen just want to be sure I chose right.