3 ms·
> it might take time, but you'll get your money back. And that's really the key difference between credit and debit. With a debit card, if there is fraud, the
by diggernet 5y ago
> it might take time, but you'll get your money back.
And that's really the key difference between credit and debit.
With a debit card, if there is fraud, the money is gone from your checking account. You will get it back, but it will take time, and in the meantime you may be suffering from all kinds of unpleasant effects of having a suddenly and unexpectedly empty checking account.
With a credit card, if there is fraud, you have a debt on the books. You will get it removed, but it will take time, and in the meantime you still have all your money.
- sofixa 5y ago> You will get it back, but it will take time, and in the meantime you may be suffering from all kinds of unpleasant effects of having a suddenly and unexpectedly empty checking account. That's what card limits are for. Even on my high-level Visa Premier card, the limit is 1k per day, and there are also per-transaction and per month limits. I can increase it via my bank's app if i plan on making a big purchase with the card, so IMHO it's a good solution for that problem.
- ImPostingOnHN 5y agoThe current solution obviates the additional work requirement of changing credit limits before purchase, so IMHO it's a better solution for that problem. If you're protected from your credit card being used on a $5,000 purchase, why would you lower the credit limit below that?