5 ms·

Even those of us who don't carry a balance often prefer credit for the additional fraud protection features. Can't do a chargeback on a debit card.

distances 10y ago
I don't know how general this is, but I'd say it's common for banks to cover also fraud costs for the customers in Europe. Be it fraudulent debit card payments or Internet banking transactions, I've seen news of banks covering the customer's ass on both. Not sure how often they can reclaim the money, and how often they just take the loss for better publicity.
- uuoc 10y ago
  US banks make the same promises too. But which would you trust more when something goes wrong and your "card number" racks up thousands of stolen purchases: 1) credit card dispute/chargeback process that is mandated by law 2) the promise from your bank that, on their good will, they will fix things Not only that, but thousands of dollars on your credit card is "loaned" to you by the bank, the money's not out of pocket on you yet. However, thousands of dollars of stolen debit card transactions means your bank account is thousands of dollars lower immediately, and you have to hope your banks promise to give it back will actually pan out.
  - madelinecameron 10y ago
    Also the fact that credit cards aren't your money you are spending. If someone steals your credit card, you can say "Not my money! That's your problem" while a debit card is the opposite. Plus banks employ people to fix fraud while you (probably) don't. Sure a bank will eventually rectify debit fraud but in the mean time, why would they care? It isn't their money.
  - tremon 10y ago
    which would you trust more 1) [..] mandated by law 2) the promise [..] on their good will Well duh. But what you're arguing is that lack of regulation makes debit cards in the US a liability, not that debit cards are a bad idea in general.
blfr 10y ago
You can definitely do a chargeback on a debit card. It's just that you have to pay first and then get it back later.

distances 10y ago

I don't know how general this is, but I'd say it's common for banks to cover also fraud costs for the customers in Europe. Be it fraudulent debit card payments or Internet banking transactions, I've seen news of banks covering the customer's ass on both. Not sure how often they can reclaim the money, and how often they just take the loss for better publicity.

uuoc 10y ago
US banks make the same promises too. But which would you trust more when something goes wrong and your "card number" racks up thousands of stolen purchases: 1) credit card dispute/chargeback process that is mandated by law 2) the promise from your bank that, on their good will, they will fix things Not only that, but thousands of dollars on your credit card is "loaned" to you by the bank, the money's not out of pocket on you yet. However, thousands of dollars of stolen debit card transactions means your bank account is thousands of dollars lower immediately, and you have to hope your banks promise to give it back will actually pan out.
- madelinecameron 10y ago
  Also the fact that credit cards aren't your money you are spending. If someone steals your credit card, you can say "Not my money! That's your problem" while a debit card is the opposite. Plus banks employ people to fix fraud while you (probably) don't. Sure a bank will eventually rectify debit fraud but in the mean time, why would they care? It isn't their money.
- tremon 10y ago
  which would you trust more 1) [..] mandated by law 2) the promise [..] on their good will Well duh. But what you're arguing is that lack of regulation makes debit cards in the US a liability, not that debit cards are a bad idea in general.

blfr 10y ago

You can definitely do a chargeback on a debit card. It's just that you have to pay first and then get it back later.