By: Frank

Frank — Thu, 30 Aug 2018 13:14:21 +0000

Great point Wanderer! That is another reason why I solely use credit cards.

By: Wanderer

Wanderer — Fri, 03 Aug 2018 09:09:56 +0000

As an addition to the difference between Debit Cards and Credit Cards is the liabilities in case of loss, identity theft and so on. Credit cards offer at a minimum a protection to you for any loss over $50 will be covered (if reported to lender in accordance with their terms and conditions) and generally the lenders will remove the “disputed” transaction(s) while investigating the matter along with cancelling the account as may be required and issuing a new one. In the case of Debit Cards you are required to report to your bank or credit union the loss and they make a determination on whether the funds lost will be immediately be returned along with the investigation of the situation which can be a problem if your checking account has been compromised. Besides the rewards offerings today for credit cards, is the ever present threat of loss and and your credit card protections far surpass the debit card protections. Many people like Debit Cards as a method of controlling their spending as it is real time (today). However, if your checking account is compromised you may find it affects your every day life ability to pay for things such as mortgage, rent, utilities, food, vehicle gas and the like. Think long and hard on this matter. Remember, you can usually make more than one payment a month to most lenders so you can essentially use your credit card like a debit card and keep your debts to a minimum. Speaking with experience, it is a lot easier to deal with a credit card problem than your bank/credit union who controls your checking accounts. Why the US Congress did not set up equal protections for credit and debit products is beyond me and makes no sense in today’s environment.

Comments on: Debit Cards vs. Credit Cards

By: Frank

By: Wanderer