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Maybe you have a good bank. Or maybe I've just received incorrect information about the differences between a credit and debit card.
by zeven7 4y ago
Maybe you have a good bank. Or maybe I've just received incorrect information about the differences between a credit and debit card.
- cstejerean 4y agoThe difference is with a debit card you are out the money until it gets resolved. With a credit card you aren’t. But most banks will extend the same fraud protections regardless.
- dlubarov 4y agoTo be clear though, if the issuer doesn't impose its own limitations on cardholders' liability, there are still limitations based on Federal laws, and these are different for credit and debit cards. For credit cards it's a simple "liability shall not exceed $50" rule. For debit cards it depends; it can be unlimited in the case of "failure of the consumer to report within sixty days". So it's safest to just avoid debit cards, unless you know that the issuer has their own legally-binding limits on cardholder liability.
- OJFord 4y agoI think debit cards are more variable with bank and perhaps jurisdiction - credit cards somewhat naturally come with such protection since as a user your agreement is with the issuer (and hand wave, hand wave, ability to authorise payments) not the vendor.
- leesalminen 4y agoI think it depends on whether the PIN was entered if not. If entered, the transaction happens on the Maestro et. al. network and you can’t do chargebacks. If no PIN was entered, the transaction happens on Visa/MC systems and you can chargeback.
- threeseed 4y agoFraud events are different from chargebacks. Your bank irrespective of whether it's a savings account, credit card etc will almost always insure you against fraud provided you didn't do anything reckless e.g. write your PIN on the card.