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Apple Card Launching in August
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That was not the case at all when my sister had a fraud incident concerning her Wells Fargo debit card. Yes, I'm aware they're not a good bank.
Which part? If you run your debit card as a credit card and your card is a visa, those protection come from visa not the bank. The rest of it, yeah it comes down to your bank. I personally bank with credit unions, they tend to be the best when it comes to fraud protections.
I live in the UK and I've never come across a card that prevented you preloading it. I've done it for years before going abroad, so that I could withdraw foreign currency from cash machines without incurring interest charges on the overdraft from the day of withdrawal (there being no credit on cash withdrawals). It used to be the cheapest way of obtaining foreign currency while on holiday or business.
Lol
Sure if you are with a terrible bank. Maybe your banking systems are a joke in the US but in the UK the security measurements here are great and they block the card with even any sign of anything that isn’t normal
Family I know have had debt cards all their lives and I fact I’ve not known anybody who has ever had to worry about security. You are completely safe debt or credit. It makes no difference
i dont know how it is in the UK, but in the US, there is no such thing when it comes to a credit card. You can do a cash advance from a credit card but you are horribly attacked with a high interest rate when you do a cash advance off a card. plus atm fees associated with said cash advance.
So let me recount someone I know who made a debit purchase at a Verizon store. The next day that person’s bank account was drained of $10k. It took two weeks to get the money back and meanwhile the owner of the card had no money as it was all gone. I’m sure she had lots of fun.
Agreed. Historically, all of my Visa/MasterCard branded debit cards offered the same protection as credit. I’ve had two fraudulent charges reimbursed without barely trying. They were more than happy to fix the problem.
Lets change that same thing to your debt card number was stolen and 6k fraudulent charges are put on the card. Very quickly you can get slap with overdraft fees until it is resolved and you have to deal with being declined. Even if you are checking your bank once every few days that is a window of time of issues.
No, they absolutely do not, and you are naive to think so. Banks want you to use debit cards because they make money and have no riskbut you’re a sucker if you do.
First, there’s a big difference between a bank having a “policy” which is subject to change and being compelled to do something by law. Second, you’re thinking ONLY of fraud. There are numerous other situations that are NOT fraud that credit card purchase protect you from that debit cards do not.
Debit cards are a suckers game for bank profits. There are no situations where using them is wise.
Also, I can not speak to other countries laws, I am referring only to the USA.
It’s cheaper just to use the card overseas than deal with cash at at all. Especially the Apple Card with 0% FTF
Not in the US. Credit cards are given many protections under the Fair Credit Billing Act (FCBA). Debit cards fall under the Electronic Fund Transfer Act and have far less protection.
Unlike what so many here seem to think, it’s not just about fraud. With credit cards, your rights to dispute a charge when you have a billing error or other problem you can’t resolve are spelled out in the federal Truth in Lending Act and the Fair Credit Billing Act. You have the right to withhold payment to the credit card company for a charge on which you filed a dispute. These same protections, however, don’t apply to debit cards. While a debit user may still be able to file a dispute, you don’t get the money back in the mean time. That could be hundred or thousands of dollars.
In the US debit cards are for the poor or naive... or both. There are literally no scenarios where it makes sense.
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wow your friend really kept over 10K in the account associated with their debit card? thats kind of dumb. usually people with high balances dont keep it tied to the debit card. they transfer it over. but sure lets believe they kept 10K in their checking. sure.
Seems pretty regular to me... many people have checking balances in that range. Mortgage, a couple cars, credit cards, easily gets to $10K a month in bills. How else would you pay bills? FDIC insurance covers up to $250K.
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Not my business to say what they do with their money, I’m just recounting what happened last June.
If someone tried to run 6k on my debit card the bank would decline it for sure. I guess I'm glad I have a bank with good fraud protections. You also can turn off overdrafts on any checking account if you're really scared of something like that happening. It's also a good idea to have money in multiple accounts in the event that your card does get shut down or if someone does get fraudulent access to your account they can't get all your money.
I think you are missing the point by a few miles .......
Good point. But there is also Amazon and other online retailers that do not support Apple Pay as well.
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Fidelity Rewards Visa is very nice.
No comparison at all. Apple's been getting ready for this extension of their services for a long time. Think about it. It's more like Goldman Sachs opening a shop to sell algorithms on the side: it's not like they're at all unfamiliar with how the product works.
I decided I’ll just sign up for Chase Freedom Unlimited for now. 3% off all purchases up to $20,000 for the first year. Also 5% off at gas stations. Maybe I’ll sign up for Apple Card next year if I’m buying a new iPhone or something.
But you are still risking your money instead of the issuers.
I have a credit card from my credit union. I put all my monthly bills on it and pay the balance off when I’m paid. Been doing it for 5 years and never paid interest or any other fee.
Also one day I got a call from their fraud department asking if I was traveling, I wasn’t. My card was used in a gas station 200 miles from where I live. They canceled the card and I went to a branch and got a new card in a few minutes. My money was not affected at all. This is why I always use a credit card.
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Check to see if Chase offers an extended warranty protection. Might be worth using it instead of the Apple Card.
I bought a Google Home and it died just a year after I bought it. I contacted Google but they couldn’t do anything because it was after a year. The Citi Costco Visa, which I used to buy (at Best Buy) offers an extended warranty (it adds 2 years to the manufacturers warranty). I contacted Citi Benefits and was able to receive a full refund of the purchase price from them as a statement credit.
You do need to have the purchase receipt and a copy of the manufacturer’s warranty to submit.
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Ooh it does, good call. One year on every manufacturer warranty, and up to three years on top of other eligible warranties.
EXACTLY. It’s NEVER, under any circumstances, a good idea to use a debit card for a purchase. Full stop, no exceptions. Using a credit card takes advantage of THEIR money, shifts the liability to them, and earns cash back on top.
Good for you, I hope it’s a rewards card?
[doublepost=1564740156][/doublepost]It was. I have since switched to the Fidelity Rewards Visa. Still doing the same thing with it.