Monday, 16 November 2009
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Debit Card Don'ts For The Holidays
Everywhere you turn these days, you hear warnings about proper credit card use. With the holidays right around the corner, these warnings are becoming even more frequent. One commonly suggested alternative is the debit card. The upside is obvious: since it's drawing directly out of your account, you don't risk credit card debt and incurring interest at increasingly high rates. The benefits of debit cards have led to debit card transactions outnumbering credit card transactions for the first time.
But in this flurry of pro-debit advice, Wallet Pop reminds us that you can't be careless with these cards either. So while you avoid some of the dangers of credit cards, there are some risks you should keep in mind when busting out that debit card. So in anticipation of the holiday season, and Black Friday in particular, Wallet Pop featured this post about debit card don'ts that go beyond the traditional warning of "Don't overdraft your account."
They advise you to:
1) Read up on refunds: Refunds to debit cards may take longer to post because of certain regulations, so be informed.
2) Stay away from surfing: Be careful using that "Back" button- if you reload a transaction you may be charged twice and be out of luck when it comes to a refund.
3) Act fast: If someone's using your debit card fraudulently, there may be time tables for reporting the activity. Wallet Pop advises that waiting longer than 2 days may increase your liability to $500.
4) Don't bank on your bank: Watch your debit activity yourself, because unlike credit cards, banks don't always monitor debit card transactions for suspicious activity
5) Check your credit score: This will give you a good baseline to use when checking for any fraud.
Will you be using your debit card this holiday season? Are there any other precautions you take when using your debit card?
Original post: http://www.walletpop.com/blog/2009/11/12/debit-card-donts-for-black-friday/
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Comments (10)
Make sure the receipt doesnt display your whole number. Not every company has that feature. If I see that, I void it & pay cash.
Isnt it always so amazing that stores take your money right away but take their time giving it back?
always pay cash so that your illegal purchases can't be traced back to you. jk XD
This article is misleading. It does not address the issues that it states in the title.
@the_last_timelord@xanga - LOL
I hate that double-swipe garbage. What is this, "it didn't go through," nonsense?
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I will be using my credit cards!
Something else to watch for when using debit cards is anything that requires a hold or deposit. If you will be traveling and staying in a hotel or getting a rental car, they can put holds on your account that stay even after your vacation is through. But ready for those situations too! Otherwise you may be stuck without any money for anything else!
I personally probably won't be using my debit card; one-third of all my checks are being cashed and put in a jar (yeah, seriously) specifically for Christmas shopping.
I JUST had my debit card info stolen last week.
Good post.
People should be aware!
You should use it as a "credit" purchase rather than using your pin... you most likely won't be charged by the bank then for the transaction either.