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[Sid Post]

I've been using debit cards since they came out (perfect credit BTW, so certainly not a case of "marginal credit" as some other poster inanely commented); Also have several CC's that get paid off after each purchase.

I've had my debit and CC numbers skimmed / scammed multiple times as I travel a lot and you'd be surprised how easily someone can get your card info at a gas station.

In any event, I've actually had more proactive protection and action from the debit card than the CCs, I'll get fraud alerts very quickly and its the same process from both when they catch it and correct, send a new card, etc.

To your point regarding overdraft fees, it's never happened to me in over 25 years, they automatically refund the fraudulent charges and I've never paid an overdraft fee of any kind.

Perhaps it all boils down to which bank you use & their policies, but my wife and I consistently use our debit cards without fear.

Sure, for big purchases, we use our CCs for the added insurances they provide along with the points / miles that we rack up, but for day-to-day items, I much prefer the convenience of tapping / swiping a debit card than carrying around stacks of cash. If my wallet gets swiped, I touch a button and my cards are frozen, but say goodbye to the cash....

For an online purchase of an implement, CC all day long

The tap of the chip on my credit card is much more secure from skimming than anything else at a gas pump or in the store.

For online purchases, I use the CapitalOne virtual cards which are a one-time throw away number or, are time-limited before they expire depending on the merchant.

Virtual cards prevent most fraud. I'm not sure how someone got it but, the virtual card number someone tried using at Sonic several states away to buy a drink was flagged as expired every time it was attempted!!! Yea!

This generally means I don't have to go through the fraud process to get my money and the thieves got nothing!

Whether the credit or debit card company makes me whole or not, the criminals still got the money! My focus is on denying the money in the first place!

I still maintain that buyer protection and fraud protection on credit cards is much better than debit cards. This is enforced in law as well. If your bank protects your debit card the same, great for you but, that is not true for everyone and every bank.

And regarding secured credit cards and debit cards in general, it isn't only about people that are poorly banked or are struggling financially, most people use credit cards for the perks they get in addition to the better protections enforced in law. My credit card also does not open up my entire estate at the bank to fraud like a debit card does.

Then there are billing errors from public utilities. Do you really want a $300K water bill hitting your debit card/bank or, would you prefer to have your credit card company reject it for throwing you over your limit? Didn't happen to me but, a distant friend had their home equity loan, savings, checking, and various investments all linked together for convenience at their bank. They auto "debited" of all their utilities each month. A programming error tied their home account to that of a Golf Course. When the >$300,000 water bill hit, their home equity was drained, their savings were gone, etc. 6 weeks later the error was proven and the money was refunded but, they missed a house payment, were late on other utilities, missed car payments, etc. Convenience though!?!

My normal electric bill is ~$300 each month. This month was >$500. My credit card said it was declined and I logged into my utility account to see what happened. Turns out a rate change and a cold snap added ~$200 to my bill. At that point, I paid it and adjusted billing expectations for my credit card.

 

[Jstpssng]

Back to topic at hand, SOCKS. Ok, is it sock sock, shoe shoe, OR Sock shoe, sock shoe?

It depends on what kind of mood I'm in.

Here's another question. Do you stand on one leg while dressing the other foot or do you sit down?

 

[jyoutz]

Buyer protection on a debit card is much weaker than on a credit card. Plus, on a debit card, the money comes straight out of your account often leading to overdraft fees and other issues if the card is misused.

Very true, but the two times I had my debit card hacked, the bank restored the money. I also don’t keep more than $1k in that checking account. I like just keeping what I can spend in that checking account and paying bills and investments in other accounts. Savings and other investments don’t have a debit card linked.

 

[AirOpsMgr]

The tap of the chip on my credit card is much more secure from skimming than anything else at a gas pump or in the store.

For online purchases, I use the CapitalOne virtual cards which are a one-time throw away number or, are time-limited before they expire depending on the merchant.

Virtual cards prevent most fraud. I'm not sure how someone got it but, the virtual card number someone tried using at Sonic several states away to buy a drink was flagged as expired every time it was attempted!!! Yea!

This generally means I don't have to go through the fraud process to get my money and the thieves got nothing!

Whether the credit or debit card company makes me whole or not, the criminals still got the money! My focus is on denying the money in the first place!

I still maintain that buyer protection and fraud protection on credit cards is much better than debit cards. This is enforced in law as well. If your bank protects your debit card the same, great for you but, that is not true for everyone and every bank.

And regarding secured credit cards and debit cards in general, it isn't only about people that are poorly banked or are struggling financially, most people use credit cards for the perks they get in addition to the better protections enforced in law. My credit card also does not open up my entire estate at the bank to fraud like a debit card does.

Then there are billing errors from public utilities. Do you really want a $300K water bill hitting your debit card/bank or, would you prefer to have your credit card company reject it for throwing you over your limit? Didn't happen to me but, a distant friend had their home equity loan, savings, checking, and various investments all linked together for convenience at their bank. They auto "debited" of all their utilities each month. A programming error tied their home account to that of a Golf Course. When the >$300,000 water bill hit, their home equity was drained, their savings were gone, etc. 6 weeks later the error was proven and the money was refunded but, they missed a house payment, were late on other utilities, missed car payments, etc. Convenience though!?!

My normal electric bill is ~$300 each month. This month was >$500. My credit card said it was declined and I logged into my utility account to see what happened. Turns out a rate change and a cold snap added ~$200 to my bill. At that point, I paid it and adjusted billing expectations for my credit card.

I've already stated the facts as I know them to be true in my actual, hands-on, experiences; Thus far, you've not changed my mind as there are many unknown variables at play with your examples.

I also stated that I agreed that CCs provide more insurances & perks. So not sure why that's being re-hashed.

We can certainly go around and around in circles with hypothetical and assumed situations, but I choose to substantiate my stance with what I have personally encountered thus far.

So rather than dive into an endless abyss of hypotheticals, we can surmise that I'll do me and you do you.

Best regards!

 

[AirOpsMgr]

Very true, but the two times I had my debit card hacked, the bank restored the money. I also don’t keep more than $1k in that checking account. I like just keeping what I can spend in that checking account and paying bills and investments in other accounts. Savings and other investments don’t have a debit card linked.

Similar for me; I've had my debit card skimmed at least 6 or 7 times, in every case, they caught it before I did and put a temp hold on my account until I called in. In every case, they removed the fraudulent charges the same day and eventhough my larger savings account was attached to the debit, I've yet to see that affected.

Maybe I'm just lucky, but I also maintain several other accounts with liquid assets that are ready in a moments notice should I ever run into a situation. I just have no reason to be scared about debit card fraud based upon my lengthy experiences.

Again, for online purchases of implements with a potential delay in shipping, I use a CC all day long.

 

[Jstpssng]

I'm still not sure why you're discussing credit vs debit cards, when the thread is about socks.
Or shoes.

Or proper electrical wiring.

Or something like that.

 

[AirOpsMgr]

I'm still not sure why you're discussing credit vs debit cards, when the thread is about socks.
Or shoes.

Or proper electrical wiring.

Or something like that.

True, back to more important sub-topics .... and go:

 

[Sid Post]

I've already stated the facts as I know them to be true in my actual, hands-on, experiences; Thus far, you've not changed my mind as there are many unknown variables at play with your examples.

I also stated that I agreed that CCs provide more insurances & perks. So not sure why that's being re-hashed.

We can certainly go around and around in circles with hypothetical and assumed situations, but I choose to substantiate my stance with what I have personally encountered thus far.

So rather than dive into an endless abyss of hypotheticals, we can surmise that I'll do me and you do you.

Best regards!

I'm not disagreeing with your experience but, for a wider audience I think it is important to note that not everyone has the same experience with their bank or credit card vendor.

 

[jyoutz]

I'm still not sure why you're discussing credit vs debit cards, when the thread is about socks.
Or shoes.

Or proper electrical wiring.

Or something like that.

Weren’t you commenting awhile ago about thread drift being normal?

 

[AirOpsMgr]

I'm not disagreeing with your experience but, for a wider audience I think it is important to note that not everyone has the same experience with their bank or credit card vendor.

Agreed, nor would I think my specific experiences serve as a baseline; That said, I also believe that some folks have a tendency to obfuscate actual facts and simply post up unsubstantiated "feelings" on the topic without having any real, actual, experience ... that's all. Not saying that was the case in your response, but it occurred up-thread and I couldn't help but comment.