Credit cards offer significant benefits if used responsibly. I've racked up a ton of airline miles using credit cards. Same with Amazon points. This would never have been possible has I just been using cash. Plus, this day and age where many bills can be deducted automatically from a credit card, having a credit card is a very nice convenience.
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iPad mini Cash at Apple Store?
- Thread starter JackieInCo
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If you run the debit card as a credit card (do not use your pin) then you have the same protections against fraud as a regular credit card (just FYI)
Here's the thing though. You may have the same protections with a debit card as a credit card (I don't think it's true, but for the sake of argument, it is). If someone uses a debit card and cleans out your bank account, you have no money until the bank investigates, it's not like you call your bank and the money goes back in right away. While the bank does their thing, you're flat broke. No money in your bank account means you can't use your debit card or even get cash while it's being investigated. You're only money is the cash in your wallet. Which, for me, is currently about 4 dollars.
If someone goes and racks up charges on my credit card, I'm not temporarily out any money. My credit limit may take a hit while the charges are on my card, but I still have another card I could use as a backup, and still have money in my bank account to get me through the investigation.
Until you're mugged or lose your wallet. If either happens to me, all I have to do is call my banks and get new cards issued. I'm only out my aforementioned 4 dollars, and time to replace everything. But it's better than losing potentially hundreds of dollars in cash.
I've used my credit card at Target in the past couple weeks, my number was probably one of the ones stolen. If I see fraudulent charges on my card, I'll deal with it. It will be a minor inconvenience, but it still beats having cash stolen from me.
Indeed. I wouldn't shop there either. We've got no one in my college town that does this that I know of, except the university and state/local taxing agencies.
I worked on the team that implemented a surcharge on tuition payments, it ended up saving $10 million per year in credit card fees for the university, of course the students ended up paying. The taxing institutions are required by law to collect the full tax amount, so they had to add on fees to accept credit cards.
If I found a store charging extra, I'd walk out immediately.
It used to be that the merchant agreements prohibited this, but recent FTC rule changes made the card networks change their rules to keep their revenue streams up.
yeah it's ridiculous. they want everything to be so technologically advance, yet penalize people who use credit cards and force people to use cash or debit only?
http://denver.cbslocal.com/2013/11/...enalizes-those-who-buy-gas-with-credit-cards/
I'm in Texas, but same company. They get away with it bc it's a "cash discount" and not a surcharge. But when I went there all the pumps read the cash discount as the default price. So when you swipe your credit card it adds 10 cents/gallon. Not sure how that's not a surcharge just bc it's advertised on the sign as a discount?
It's ridiculous.
Yes, of course, that's exactly the point of the many affinity cards.
The difference though it most any affinity card I have is associated with Mr. Mickey Mouse at 123 Disney Ave, Orlando FL.
(Yes, I do expect they're also tagging it against credit card number too, so I doubt that bit of rebelliousness has any effect)
Not too keep beating a dead horse (but here is one more whack), you can read this right on the Visa website (see below). I will concede that with a debit card they would be stealing from you're checking acct and not from your credit account, but you do have the same protections against fraud.
"Gain peace of mind with Visa's extra security protections.
When you sign for your purchases, your money comes directly from your checking account, but you also get security protections that help prevent, detect and resolve fraud, including:
Visa's Zero Liability Policy*, which protects you from unauthorized charges. Any funds taken from your account due to fraudulent use will be returned to you.
Continuous fraud monitoring to detect and prevent suspicious activity on your debit card
Access to Identity Theft Assistance to help you recover your identity and prevent further problems
A 3-digit security code to verify your identity for Internet and phone purchases.
Here's how to sign for your purchases:
Swipe and Sign: Use your Visa Debit card, tell the cashier you want to sign for your purchase and sign the receipt.
OR
At a PIN pad: Swipe your card, select CREDIT on the keypad and sign the receipt.
You'll receive these same security protections when you use your Visa Debit card for online, phone and mail orders or for purchases at merchants that do not require a signature."
From Visa Website
What happens if the bad guys get your debit card number/info and put through fraudulent debit transactions instead of running them as credit transactions?
I don't know about the states - but with a debit card over here in the UK you have very little protection. If your debit card is used with a signature fraudulently, you'll normally be covered ok - if it's used with a PIN, you're pretty much SOL unless you go through the courts.
With a CC - the CC company is completely liable. They're liable for anything unauthorised on the card, and if the item is worth more than £100 - the CC company has the same responsibility for that item as the store (i.e. if it breaks, you can go back to the store or go back to the CC company).
CC companies have it pretty hard over here - since the rule is about the item's value, not the amount you spend. So say you bought a car for £10,000 - you paid £9,999 cash, and put £1 on your CC - the CC company is responsible for the entire £10,000 if something goes wrong.
With a CC - the CC company is completely liable. They're liable for anything unauthorised on the card, and if the item is worth more than £100 - the CC company has the same responsibility for that item as the store (i.e. if it breaks, you can go back to the store or go back to the CC company).
CC companies have it pretty hard over here - since the rule is about the item's value, not the amount you spend. So say you bought a car for £10,000 - you paid £9,999 cash, and put £1 on your CC - the CC company is responsible for the entire £10,000 if something goes wrong.
sure, that's fine, but for people who only operate with the one checking account all the money will be gone from their account until everything is resolved. if they are paying bills and all their money is gone what do they do?
it's just not smart to use something that directly ties to your checking account as your main form for purchases. You can get wiped clean and have to wait a period of time before you get the money back. With a credit card, they reverse the charges and investigate on their own time and it's not a big deal. you get issued a new card and you're fine.
I've seen many people insanely worried and getting emotional about the target fraud deal bc they stole all the money out of their checking account and checks are bouncing and ACH aren't going through. It's a nightmare to tie everything to one main account.
If that's what you wanna do fine, but obviously you have an issue with credit cards from a past experience that has gotten you sour about them. Not everyone that has them is irresponsible.
i buy everything with cash, i bought a macbook with cash and he kept losing count of the notes so he got some machine out to weigh them instead
I know this is an old thread, but there is a lot of false info about debit cards here and as someone who just a few weeks ago had both of mine (I have two bank accounts, one personal, one for my business) compromised, I wanted to clear things up. My cards were compromised thanks to the Michael's craft store data breach. I didn't lose a dime nor have to wait for any investigation. Things worked pretty much exactly the same as if fraudulent charges had been made on a CC. Someone went to the Apple Store and charged $2700 using my debit card number. The bank's fraud department called me to verify since it was "not within my usual buying pattern". I said I had not made the charge, they reversed/declined it, returned my money right away and cancelled the card and sent a new one.
About 4 days later my other bank's fraud department called, saying someone had made a $3500 charge at Target and was it me? I said no and the same thing..charge declined/reversed, money returned, etc.
I have a MC debit card with both banks and I feel very safe using them.
By the way, I once had to dispute a charge on one of the debit cards after a hotel charged me for more nights than I stayed and refused to fix it. The process was easy and fast and I got my refund quickly.
Hope this helps anyone wondering if debit cards are safe. They are just as safe as a CC in my experience.
About 4 days later my other bank's fraud department called, saying someone had made a $3500 charge at Target and was it me? I said no and the same thing..charge declined/reversed, money returned, etc.
I have a MC debit card with both banks and I feel very safe using them.
By the way, I once had to dispute a charge on one of the debit cards after a hotel charged me for more nights than I stayed and refused to fix it. The process was easy and fast and I got my refund quickly.
Hope this helps anyone wondering if debit cards are safe. They are just as safe as a CC in my experience.
The protections of credit cards vs debit cards are practically the same, but one big difference (in the US).
By LAW you are protected from credit card fraud liability over $50 total.
By law debit card fraud liability is a sliding scale:
http://www.consumer.ftc.gov/articles/0213-lost-or-stolen-credit-atm-and-debit-cards
In some cases it can be unlimited liability, they can drain your account and the bank does not need to pay you back! (60 days after your statement arrives showing the fraud)
Of course, bank debit card policy may provide better protection than federal law, but a policy can be changed at the whim of the bank.
I prefer the piece of mind of a credit card as no mater what the bank fraud policy is at that moment, they have to comply with the federal law. Just pay the credit card off each month.
By LAW you are protected from credit card fraud liability over $50 total.
By law debit card fraud liability is a sliding scale:
http://www.consumer.ftc.gov/articles/0213-lost-or-stolen-credit-atm-and-debit-cards
In some cases it can be unlimited liability, they can drain your account and the bank does not need to pay you back! (60 days after your statement arrives showing the fraud)
Of course, bank debit card policy may provide better protection than federal law, but a policy can be changed at the whim of the bank.
I prefer the piece of mind of a credit card as no mater what the bank fraud policy is at that moment, they have to comply with the federal law. Just pay the credit card off each month.
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You can do all of those things with a Debit Card
i am right there with you JackieInCo. Living credit free is not for the faint of heart
An Amex charge card does the same thing basically since you're required to pay each month in full...more convenient than a debit card, far safer than a debit card, and who doesn't want Amex on their side?
You can do all of those things with a Debit Card
i am right there with you JackieInCo. Living credit free is not for the faint of heart
Some live credit free due to their past history and have no choice.
No matter, the OP's debit card could do the transaction just the same. If not cash is welcome for sure.
Why would anyone pay for electronics with anything other than a credit card? Cash/Debit Cards are the worst way to buy electronics should anything go wrong with it, the extra warranty a CC provides is worth it alone.
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Wrong wrong wrong. I love how MANY people just LOVE TO quote the thing on the front, when all that means is, ready for this??? It means that it's money!
There is no law that requires retailers to take cash, and can even require you to pay in chickens if they really want to. In fact, that means Credit Card vending machines, and online retailers wouldn't be allowed to run.
Citation straight from the Federal Reserve themselves: http://www.federalreserve.gov/faqs/currency_12772.htm
Now I'm not sure about Europe and other places if they're forced to take cash or not, but that's the US law on it.
Now Checks (Cheques) should be done and over with by now in 2014, but I still see people writing Checks at Apple.
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Who cares? Monitor your transactions (like you would cash), Get a new card and move on. It's not like it's your debit card.
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Wrong wrong wrong. I love how MANY people just LOVE TO quote the thing on the front, when all that means is, ready for this??? It means that it's money!
There is no law that requires retailers to take cash, and can even require you to pay in chickens if they really want to. In fact, that means Credit Card vending machines, and online retailers wouldn't be allowed to run.
Citation straight from the Federal Reserve themselves: http://www.federalreserve.gov/faqs/currency_12772.htm
Now I'm not sure about Europe and other places if they're forced to take cash or not, but that's the US law on it.
Now Checks (Cheques) should be done and over with by now in 2014, but I still see people writing Checks at Apple.
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Who cares? Monitor your transactions (like you would cash), Get a new card and move on. It's not like it's your debit card.
I've already been corrected on this, but by all means, continue dancing your victory jig.
You act like this is the only time in your life that you've been right about something.
Used to get one person a week when I worked at the Apple Store paying with a check or combination check, cash and credit. That was always a pain and turned into a 30 minute transaction.