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Thread: Debit Cards?

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    Default Debit Cards?

    Is it safe? I was thinking about opening a checking/savings account, and just deposit my cash into it and carry around a debit card. Is this a good idea?

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    BrunetteGoddess
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    Default Re: Debit Cards?

    It's a good alternative to a credit card in that you can only spend as much money as you have, and no more than that. If you're good about spending what you have, then go for it. Only downside is that you tend to forget that once you spend the money, it's not there anymore, unlike a CC where you just pay later. It can be a good dicipline tool.

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    Default Re: Debit Cards?

    I only use my debit card really. Can get cash from an ATM if I need it (other side of the fence lol) and can use it everywhere you can use a CC. Just make sure to keep your register up to date if you get one so you know your balance (not a problem if you are used to none CC'd checks).

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    Default Re: Debit Cards?

    relatively safe.

    dont know too much about it but friend had money taken out of his bank account that he did not do. In theory the bank should refund the money if you give proper notice that misuse was occurring. I believe after a fair amount of hassle he got his money back. was in canada (a different country), so could be different here.

    a credit card if misused or stolen doesnt take money out of your account, they have to bill you, so safer in that regard. unless you borrow more money than you have, which is a different problem.

    debit cards in general i got to believe are safe. they are very,very common. be sure to use a PIN you can easily remember like (f-o-o-d)

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    Default Re: Debit Cards?

    You can still dispute charges on your debit card (just as you would a credit card) as I did this not too long ago. One of the two disputes was legitmate so they only refunded one of them.

    I love it. Totally safe. I have online access to my statement... and I have to input the statement into MYOB for business purposes .. hence I know what is happening with my money. It usually takes 3 days for money to be withdrawn from my account when I use the VISA part of the card yet I still need the money in there.


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    Default Re: Debit Cards?

    Debit cards are relatively safe, HOWEVER I would advise against using them as debit cards for store purchases. Just in case people are unaware of the process, I will explain.

    Let's say you go to to Target. You want to pay with your debit card. They ask you "Credit or Debit?" USE CREDIT. WHY? When you use debit, you need to enter your pin number into a little keypad after you swipe your card. These keypads are being hacked into in record numbers. However, when you use credit, your signature is harder to hack than your PIN, ESPECIALLY when the store has you sign the receipt instead of the at the terminal/keypad. (I'm starting to notice than more stores are going back to the 'old' method wth the receipt signature for this very reason).

    There are/were many articles about this topic on money.com, msn.com, etc.






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    Default Re: Debit Cards?

    Great feedback guys, I think I'm going to get an account set up asap.

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    God/dess VenusGoddess's Avatar
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    Default Re: Debit Cards?

    See if your local bank has a "rewards" card. We bank with citibank and use our debit cards for a lot of purchases and accumulate AA miles. It's nice to spend your money and get stuff in return...like free flights.

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    Featured Member blondi553's Avatar
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    Default Re: Debit Cards?

    ive never had anything but a debit card....its much easier than carrying around cash...

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    BrunetteGoddess
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    Default Re: Debit Cards?

    I got in trouble with CC cards. Only debit for me for a looooong time now.

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    Default Re: Debit Cards?

    Quote Originally Posted by CorsicaFire
    I got in trouble with CC cards. Only debit for me for a looooong time now.
    Yep!^
    Btw, my friend thinks a debit card is the same as a credit card. She told me she asked her bank to "raise her limit".


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    Default Re: Debit Cards?

    Quote Originally Posted by Hello_Kitty27
    Debit cards are relatively safe, HOWEVER I would advise against using them as debit cards for store purchases. Just in case people are unaware of the process, I will explain.

    Let's say you go to to Target. You want to pay with your debit card. They ask you "Credit or Debit?" USE CREDIT. WHY? When you use debit, you need to enter your pin number into a little keypad after you swipe your card. These keypads are being hacked into in record numbers. However, when you use credit, your signature is harder to hack than your PIN, ESPECIALLY when the store has you sign the receipt instead of the at the terminal/keypad. (I'm starting to notice than more stores are going back to the 'old' method wth the receipt signature for this very reason).

    There are/were many articles about this topic on money.com, msn.com, etc.
    Hey, thanks, HK. But, don't some banks charge a fee for using the credit card option? I'm sure it was for Charter One, a former bank


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    Default Re: Debit Cards?

    ^ No, it is just processed differently through the store. If you have a "debit" card that has a Visa/MC logo on it, you have the option of using your PIN or signature to complete the transaction. There are no additional charges to use it as a credit over a debit card.

    However, for a rewards card (like the one we have) there is a yearly fee. You don't have to do this, but it's nice to get a little "perk" for spending your money.

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    Default Re: Debit Cards?

    Maybe she means her daily purchase limit maximum? I can't imagine she'd be spending more than the default maximum except very occasionnally, though, so I guess you must be right.

    What I do is, I keep my "spending" money in an account linked to the debit card for when I use debit, but keep larger amounts elsewhere, so that in the worst case scenario, they can' t be taken out that way. I shouldn't be responsible, but if it happens, I'd rather the hassle be over a smaller than larger amount anyway.

    Quote Originally Posted by whirlerz
    Yep!^
    Btw, my friend thinks a debit card is the same as a credit card. She told me she asked her bank to "raise her limit".

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    Default Re: Debit Cards?

    Quote Originally Posted by whirlerz
    Hey, thanks, HK. But, don't some banks charge a fee for using the credit card option?
    I believe some stores will charge a fee to use the debit option. I always just swipe mine as a Visa.


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    Default Re: Debit Cards?

    Quote Originally Posted by LoveSexMoney
    I believe some stores will charge a fee to use the debit option. I always just swipe mine as a Visa.
    I dont know of any store that charges a fee (most atm's do). to my understanding the store is charged much less for a debit transaction than credit card transaction so they much prefer if you use debit card rather than credit card.

    so to summarize there is a slightly more chance of a problem with debit cards than credit card because if fraud occurs with debit card your bank account is empty. with credit card your bank account is safe but worst case is you will be presented with bill. I believe if you provide notice within a week or month by law they cannot charge you more than $50. (usually $0). I assume debit cards have same protection. (there may be hassle in getting police report and time delays though). sorry for repeating. with credit card you may go into debt if you spend more than you have.

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    Default Re: Debit Cards?

    AmPm charges .15 or .35 (I forget which) per debit transaction. Although they don't allow credit card purchases.


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    Default Re: Debit Cards?

    Quote Originally Posted by space_Cadet_28
    with credit card you may go into debt if you spend more than you have.
    How would you go into debt using your debit card as a credit card? It's the same thing, you just sign for your purchase as opposed to using your PIN...

    Did I misunderstand you?

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    Default Re: Debit Cards?

    Quote Originally Posted by VenusGoddess
    How would you go into debt using your debit card as a credit card? It's the same thing, you just sign for your purchase as opposed to using your PIN...

    Did I misunderstand you?
    ok I give up. yes. debit card like check. you can't go into debt. was trying to compare to credit card. i need to stop talking.

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    Default Re: Debit Cards?

    Quote Originally Posted by space_Cadet_28
    ok I give up. yes. debit card like check. you can't go into debt. was trying to compare to credit card. i need to stop talking.
    No, no, no...I was just making sure you were not confusing what was being discussed or that I had not misread something that was written. Sorry...I've been doing that a lot and wanted to make sure it wasn't me. LOL

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    Default Re: Debit Cards?

    i Looovvvee debit! i just got the Bank of America AAdavantage miles debit card. it gives one mile for every dollar i spend! (i pay rent and all bills on it). there is a fee of $30 per year for the airline miles thing..but i think its worth it!
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    Default Re: Debit Cards?

    Debit cards are great. I put my credit card tucked away in my house, away from me and impulse buys!

    Another things I do is keep all of the money in my bank in my savings account. I only keep about $100 at a time in my checking account (where the money for debit is withdrawn). That way I prevent myself from going crazy and making large scale impulse buys. When bill time comes I deposit a huge chunk of money into checking and then write all my checks. I don't use it for frequent flyer miles... though i should. Hmmm.

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    Default Re: Debit Cards?

    I don't use debit 'cause I might spend. Put money in the bank if I REALLY want something - take money out. If I decide I don't want it on the way to the bank, I saved myself money.


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    Default Re: Debit Cards?

    Quote Originally Posted by anomar
    Another things I do is keep all of the money in my bank in my savings account. I only keep about $100 at a time in my checking account (where the money for debit is withdrawn). That way I prevent myself from going crazy and making large scale impulse buys.
    This is also a great idea just in case someone hijacks your debit card number and tries to steal money off of it. We used to have just our checking account and one savings account...all of our money (that wasn't being saved) was in the checking account. Someone got a hold of our debit card number while we were on vacation (in the Keys) and made off with about $2000. We never saw that money back...so now, we put all of our money into a savings account and move the money we need over to the checking when we're going to use the card. There's never more than about $50-$100 in it at any given time.

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    Default Re: Debit Cards?

    Yes, it is safe.

    I am nervous about carring alot of cash in public so a debit card works better for me. Not only that but I also prefer to use my debit card over credit because it keeps me from spending as much knowing that it comes right out of my checking account rather than borrowing money like one does with credit.

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