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In the US, CC has, by law, almost no liability for fraud - it's capped at 50 bucks, and is 0 bucks if you report it before it gets used. They are also easily re
by DannyBee 5y ago
In the US, CC has, by law, almost no liability for fraud - it's capped at 50 bucks, and is 0 bucks if you report it before it gets used.
They are also easily replaced, so i think many wouldn't go as far as you are.
Debit cards are weirder in their liability (and are extracting money from your bank account, which is harder to get back).
If you report them lost/stolen before someone uses them, it's 0 bucks
Within 2 days of learning about it, it's 50 bucks.
More than 2 days, but less than 60, 500 bucks.
More than 60 days - unlimited liability.
So i'd be a lot more careful with debit cards, at least in the US.
(You are never liable on either for unauthorized transactions when your card is not lost/stolen as long as you report them within 60 days)
- r3trohack3r 5y agoHmm. I understood this to be different, but realizing now I don’t have sources for where I learned this: * Bank accounts, savings accounts, brokerage accounts, etc. are all unlimited liability * Lines of credit are all zero liability I’ve used this as a rule of thumb for many years, and was the initial reason for me switching to 100% credit cards for transactions.
- DannyBee 5y agoYeah, i'm telling you based on what the statutes say (the FCBA covers credit cards, the EFTA covers debit) A short version of it is here: https://www.consumer.ftc.gov/articles/0213-lost-or-stolen-credit-atm-and-debit-cards https://www.consumer.ftc.gov/articles/0213-lost-or-stolen-cr...
- brianwawok 5y agoI would never ever use a debit card outside of the ATM of the bank I belong to. Credit card? Go wild, use it everywhere.