4 ms·
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
by 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 agoAlso 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 agowhich 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.