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The lesson is to have more than one credit card, because eventually the one you use regularly will be compromised -- even if you only use it at physical locatio

by derekp7 13y ago

The lesson is to have more than one credit card, because eventually the one you use regularly will be compromised -- even if you only use it at physical locations. And when it is compromised, you will have to get a replacement, which is an inconvenience (hence the need for a second card). Oh, and keep an eye on your statements. And if you use a debit card, you may be worse off -- when it is compromised, you will have bills bouncing until you can get it straightened out. Even more of an inconvenience. If you use a debit card, go to your bank and have them turn off the "feature" that lets you overdraft (and get charged a $35.00 fee each time). Set up a separate account (one that doesn't have a debit card), to use for all your bill payments, so at least that doesn't get behind if your main account is cleaned out.

ars 13y ago
And not just more than one card, but also make sure the cards are from different banks! It's also recommended to have a Visa and a Mastercard (but that's for an unrelated reason that a small number of merchants take one and not the other - and usually it happens at the worst possible place, like a taxi).
cynwoody 13y ago
>If you use a debit card, go to your bank and have them turn off the "feature" that lets you overdraft (and get charged a $35.00 fee each time). Better yet, have them issue you a new card that is only an ATM card and cannot be used without furnishing the PIN. That's what I did back in the 90s when "check cards"† were first introduced. I phoned the bank and asked if the Visa logo meant the card be used without a PIN. When they said yes, I told them to close the account. Instead, they said not to worry and sent me an ATM-only card in the next day's mail. I use my ATM card for banking only. Everything else goes on my AX (or DS or, in extremis, MC or VI). †https://www.usbank.com/checking/us-bank-visa-check-card-debit-card-faqs.html https://www.usbank.com/checking/us-bank-visa-check-card-debi...
mr337 13y ago
Seems like this was overlooked a little, but one could always use cash. I understand the reasons why cash can be inconvenient, but I doubt it it less hassle then dealing with a bank/CC company over fraudulent charges, associated overdraft fees, and all the crap. Now eCommerce transactions over the web is a different story.
- hga 13y ago
  Indeed; that's what I do for everything local that less than, say, $750, and it's remarkably worry free. No privacy issues either, no one has any idea exactly what I buy locally.
gav 13y ago
You should really avoid using a debit card at all. There's numerous disadvantages, the main one is that that you generally have less protections against fraud, and even if you do, you may have to wait for the transactions to post before your bank can reverse them. There's no upside to using a debit card; get multiple credit cards and pay them off every month. There's also various upsides including more air miles/hotel points, cash back, travel insurance, etc.

by derekp7 13y ago

ars 13y ago

And not just more than one card, but also make sure the cards are from different banks! It's also recommended to have a Visa and a Mastercard (but that's for an unrelated reason that a small number of merchants take one and not the other - and usually it happens at the worst possible place, like a taxi).

cynwoody 13y ago

>If you use a debit card, go to your bank and have them turn off the "feature" that lets you overdraft (and get charged a $35.00 fee each time). Better yet, have them issue you a new card that is only an ATM card and cannot be used without furnishing the PIN. That's what I did back in the 90s when "check cards"† were first introduced. I phoned the bank and asked if the Visa logo meant the card be used without a PIN. When they said yes, I told them to close the account. Instead, they said not to worry and sent me an ATM-only card in the next day's mail. I use my ATM card for banking only. Everything else goes on my AX (or DS or, in extremis, MC or VI). †https://www.usbank.com/checking/us-bank-visa-check-card-debit-card-faqs.html https://www.usbank.com/checking/us-bank-visa-check-card-debi...

mr337 13y ago

Seems like this was overlooked a little, but one could always use cash. I understand the reasons why cash can be inconvenient, but I doubt it it less hassle then dealing with a bank/CC company over fraudulent charges, associated overdraft fees, and all the crap. Now eCommerce transactions over the web is a different story.

hga 13y ago
Indeed; that's what I do for everything local that less than, say, $750, and it's remarkably worry free. No privacy issues either, no one has any idea exactly what I buy locally.

gav 13y ago

You should really avoid using a debit card at all. There's numerous disadvantages, the main one is that that you generally have less protections against fraud, and even if you do, you may have to wait for the transactions to post before your bank can reverse them. There's no upside to using a debit card; get multiple credit cards and pay them off every month. There's also various upsides including more air miles/hotel points, cash back, travel insurance, etc.