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Old 11-05-2014, 09:41 PM   #11
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I never like to carry much cash. Wife and I carry separate credit cards, different issuer, different account. So if wallet or purse is lost, we still have something that works. I have been told that credit cards have better user protection than debit cards, but not an expert on that.
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Old 11-05-2014, 10:02 PM   #12
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Yes, debit cards are not protected by the banks like credit cards...Cash is still king in my book at least until all cards and merchant terminals are chip encoded like they are in Europe. These merchant terminals are hotbeds of identity theft as we have all seen the last few months, and it's probably just the tip of the iceberg.
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Old 11-05-2014, 10:07 PM   #13
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Yes, debit cards are not protected by the banks like credit cards...
That depends on the financial institution. Many credit unions, including mine, protect debit cards the same as credit cards.
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Old 11-05-2014, 10:13 PM   #14
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A side benefit of cash over cards is you are seriously limiting the data collection companies can do on you. The value of their databases of purchase history is very important to them, and I would rather stay out it.

Do you recall the story a couple years back where Target identified a shopper who pregnant and began direct marketing baby stuff to her. Problem was the girl was a teenager who's father was very upset about the mailers target was sending and let the mangment know. Only to learn a couple days later Target was right and his daughter was in fact pregnant. They where able to determine this with analytics they apply to data mine thier databases which are linked to specific customers by card based purchase and loyalty programs.

LINK to story -- https://smallbusiness.yahoo.com/advi...104057627.html

Yes this the same Target who had millions of customers credit/debit card information stolen.
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Old 11-05-2014, 10:32 PM   #15
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That depends on the financial institution. Many credit unions, including mine, protect debit cards the same as credit cards.
Yea, but the problem is with a debit card your checking account is cleaned out. It may takes months to get you cold hard earned cash back if at all. But with a credit card all you have to do is contest the charge and the charges are reversed and there wasn't any loss of cold hard cash.
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Old 11-05-2014, 10:58 PM   #16
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Yea, but the problem is with a debit card your checking account is cleaned out. It may takes months to get you cold hard earned cash back if at all. But with a credit card all you have to do is contest the charge and the charges are reversed and there wasn't any loss of cold hard cash.
You are right, not all banks provide the same protection with debit cards as they do with credit cards. However many do, mine does, if there is an issue they return the cash in 24 hrs and then investigate...basically they trust the customer initially.

Even with the risk of carrying cash or debit cards I personally prefer that to the dangers of credit cards. I know with cash/debit I won't get in debt -- when I used credit I always had an idea of what the bill was, but on many occasions the actual bill was quite a bit more and painful to pay in full. No longer do I have that problem.
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Old 11-05-2014, 11:06 PM   #17
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The DW and I have 3 personal cards. We have one joint card, which is our primary card. Then we each have a card only in our name. When we travel if something happens, we have at least one backup. It also helps each of us with our credit score. Unfortunately we both have business cards that our in our name and follow our credit score.

During the last trip my DW got a call stating her card was compromised, and cancelled. No big deal, she was forced to use the joint card.
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Old 11-06-2014, 06:50 AM   #18
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Yea, but the problem is with a debit card your checking account is cleaned out. It may takes months to get you cold hard earned cash back if at all. But with a credit card all you have to do is contest the charge and the charges are reversed and there wasn't any loss of cold hard cash.
Again, wrong. When my debit card got hacked and my funds wiped out several years ago, my credit union restored my funds in less than 24 hours.
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Old 11-06-2014, 06:58 AM   #19
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It is hard to have hard and fast rules due to the different state laws. My son had 2 different debit card accounts cleaned out recently and the funds were restored within days. Many states and even different banks/ credit Unions have varying rules on the amount that can be withdrawn from a debit account in a given period of time.
I agree that Debit cards are ripe for fraud.

My debit card was just re-issued by my financial institution. The reason was a precaution because I used it at a Home Depot last year. Made me feel they were acting pro-actively.
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Old 11-06-2014, 07:40 AM   #20
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I've never had a debit card, and don't ever plan to get one either. If I can't pay for or buy anything using credit cards, a check, cash or Electronic Funds Transfer (EFT), I won't do business with you.
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