4 ms·

Same. Debit cards carry a lot of risk that I can offload by using a credit card. If someone gets ahold of your debit card info, there is very little recourse on

by devin 5y ago

Same. Debit cards carry a lot of risk that I can offload by using a credit card. If someone gets ahold of your debit card info, there is very little recourse once the money has left your bank. Not so with credit cards. In addition, credit cards carry a whole bunch of rewards (earning points you can redeem for travel or gift cards, cash back, upgraded status with airlines and hotels, no foreign transaction fees, and the list goes on) you can’t get with debit cards.

viraptor 5y ago
> If someone gets ahold of your debit card info, there is very little recourse once the money has left your bank. This gets repeated, but it's not true everywhere. Some banks may not care or maybe it's harder in some countries. But for example in the UK I could easily revert a few £k the same day without issues. I'd love to read more about where the differences come from, but the blanket statement is not 100% correct.
- allset_ 5y ago
  It's true in the US. If someone manages to steal your debit card data and your PIN, all the banks say "well your PIN was used, so it must have been you" and you're SOL.
  - karakot 5y ago
    It probably depends, my debit card got skimmed and they got $500 from it (max daily cash limit). The bank returned my money no question asked.
    - devin 5y ago
      Yes, the limit is often the difference. Multiply your $500 by 10 and I'm curious how a small to mid-size credit union treats it. If it's a cobranded card, it's one thing. If it's a "Friendly Bank of Central Virginia" debit card, you may have less luck.
- devin 5y ago
  Once upon a time you didn't see co-branded Visa/Mastercard/etc. debit cards for local banks. In many cases you still don't. If you have access to a co-branded debit card you're often afforded many of the same protections as credit card users. However, you still miss out on other, additional benefits, like building your credit and getting access to rewards. It always depends, so do your own research, but as far as I understand, it is still considered decent general advice to tell people to prefer credit cards over debit cards. They will build credit, earn rewards, have excellent consumer protection from fraud, increase the distance between their purchases and the cash in their bank account, and so on.
craftinator 5y ago
> credit cards carry a whole bunch of rewards This sentence is the epitome of marketing brainwashing in the US. Not trying to single you out, as we all suffer it to different degrees here, but this sentence kind of puts it in such a nice little box. What's a reward? What actions warrant such gifts? Why don't they just give you money instead of "points"? At any point, does the gameification of debt strike any of us as one of the most abhorrent MBA ideas in history? It's right up there on the list, sitting below indentured servitude and for-profit prisons.
- dexterdog 5y ago
  My card has always had cash back. I always pay it off so I don't care what the interest rate is. If somebody steals my debit card I can bounce checks. If somebody steals my credit card I might hit my limit, but they'll give it all back.
- cyberlurker 5y ago
  They mostly do cash back as an option these days. The sinister part is we pay more to cover the transaction cost. But if you aren’t using a credit card to get points you’re only hurting yourself. (Unless the biz has a cash deal)

by devin 5y ago

viraptor 5y ago

> If someone gets ahold of your debit card info, there is very little recourse once the money has left your bank. This gets repeated, but it's not true everywhere. Some banks may not care or maybe it's harder in some countries. But for example in the UK I could easily revert a few £k the same day without issues. I'd love to read more about where the differences come from, but the blanket statement is not 100% correct.

allset_ 5y ago
It's true in the US. If someone manages to steal your debit card data and your PIN, all the banks say "well your PIN was used, so it must have been you" and you're SOL.
- karakot 5y ago
  It probably depends, my debit card got skimmed and they got $500 from it (max daily cash limit). The bank returned my money no question asked.
  - devin 5y ago
    Yes, the limit is often the difference. Multiply your $500 by 10 and I'm curious how a small to mid-size credit union treats it. If it's a cobranded card, it's one thing. If it's a "Friendly Bank of Central Virginia" debit card, you may have less luck.
devin 5y ago
Once upon a time you didn't see co-branded Visa/Mastercard/etc. debit cards for local banks. In many cases you still don't. If you have access to a co-branded debit card you're often afforded many of the same protections as credit card users. However, you still miss out on other, additional benefits, like building your credit and getting access to rewards. It always depends, so do your own research, but as far as I understand, it is still considered decent general advice to tell people to prefer credit cards over debit cards. They will build credit, earn rewards, have excellent consumer protection from fraud, increase the distance between their purchases and the cash in their bank account, and so on.

craftinator 5y ago

> credit cards carry a whole bunch of rewards This sentence is the epitome of marketing brainwashing in the US. Not trying to single you out, as we all suffer it to different degrees here, but this sentence kind of puts it in such a nice little box. What's a reward? What actions warrant such gifts? Why don't they just give you money instead of "points"? At any point, does the gameification of debt strike any of us as one of the most abhorrent MBA ideas in history? It's right up there on the list, sitting below indentured servitude and for-profit prisons.

dexterdog 5y ago
My card has always had cash back. I always pay it off so I don't care what the interest rate is. If somebody steals my debit card I can bounce checks. If somebody steals my credit card I might hit my limit, but they'll give it all back.
cyberlurker 5y ago
They mostly do cash back as an option these days. The sinister part is we pay more to cover the transaction cost. But if you aren’t using a credit card to get points you’re only hurting yourself. (Unless the biz has a cash deal)