10 Places not to use your Debit Cards

[Kassz007]

Quote from GTS:

I've never understood the attraction of debit cards and when they are forced on me by my bank I simply stick them in a safe for storage never to be used.

Why would you ever want to use a debit card instead of a credit card when the latter gives you cash back (or other rewards), free use of money until the end of the billing cycle and better consumer protections backed by law?

The only advantage of the debit card I can see is for weak-minded people who can't control their spending with a credit card and end up racking up cc bills they can't pay off at the end of the month.

+1

Not sure if it's the same in the USA, but in Canada all I need my debit card for is to login to my online banking and to withdraw cash. Any type of POS or bills, etc. are paid with credit card.

 

[volente_00]

Quote from Bob111:

here is one reason i'm using debit cards-

4.3% on checking account

http://www.royalbanksofmo.com/home/personal/checking/majestic

Is this legit ?

why do you have to give them a current account number to open ?

Just to ach the funds back and forth ?

 

[GTS]

Quote from volente_00:

Is this legit ?

why do you have to give them a current account number to open ?

Just to ach the funds back and forth ?

Here's a FW thread about this bank/deal, started by none other than longtime ET poster ElectricSavant who apparently has moved on to other pastures:

http://www.fatwallet.com/forums/finance/980987

 

[Banjo]

The best solution is to get a prepaid card from your bank , sometimes known as a gift card. If your bank doesn't have them somebody else will. Only the amount in the account can be attacked and it's not connected to any other accounts by relationship. Use it anywhere you think is dodgy and for all online purchases.
Load it with funds when you expect to use it, otherwise some very small balance.

 

[GTS]

Quote from Banjo:

The best solution is to get a prepaid card from your bank , sometimes known as a gift card. If your bank doesn't have them somebody else will. Only the amount in the account can be attacked and it's not connected to any other accounts by relationship. Use it anywhere you think is dodgy and for all online purchases.
Load it with funds when you expect to use it, otherwise some very small balance.

The best solution for what? Online shopping? Restaurants? Gas Stations?

To each his own, I have no problem using credit cards knowing that I'm fully backed by credit card protections and I receive all the benefits they provide.

 

[maxpi]

I wonder if a reloadable prepaid Visa has the same consumer protections as a credit card?

 

[ronblack]

Quote from TraderTactics:

I've come across of this article at Yahoo where it talks about the places where we shouldn't be using our debit cards.

http://finance.yahoo.com/banking-bu...o-use-your-debit-card?mod=bb-checking_savings

1. Online
2. Big-Ticket Items
3. Deposit Required
4. Restaurants
5. You're a New Customer
6. Buy Now, Take Delivery Later
7. Recurring Payments
8. Future Travel
9. Gas Stations and Hotels
10. Checkouts or ATMs That Look 'Off'

Funny because after reading it, I was wondering what was left? There isn't anyplace to use the debit card then. Why can't we just have safeguards in place for the debit card then?

lol. I read this a few weeks ago in yahoo! finance and I wondered the same. I think they are trying to scare people away from debit and deep into credit. Normally, credit cards have the same problems. The title is misleading though.

 

[krazykarl]

I use mine everywhere, all the time. Had a problem once and contacted Chase. Money was back in my account 30 minutes later, card was suspended and they shipped me a new one.

Ninjas those Chase bankers are......

 

[Frostie]

How do you us a debit card online? I thought all debit cards had pin numbers associated with them?

Anyway I use debit all the time, we get free transactions, the security is better, mine is insured the same way my credit cards are and online banking makes it nice and easy to balance the check book. Credit cards are handy for internet purchases and my wife uses credit cards for all purchases to collect points and crap like that.

 

[TraderZones]

Quote from Frostie:

How do you us a debit card online? I thought all debit cards had pin numbers associated with them?

Anyway I use debit all the time, we get free transactions, the security is better, mine is insured the same way my credit cards are and online banking makes it nice and easy to balance the check book. Credit cards are handy for internet purchases and my wife uses credit cards for all purchases to collect points and crap like that.

dunno if all work that way, but my debit card (VISA) can also function as a credit card