Debit cards seem to have become a very popular medium for making purchases. However, recent information tells us they may not seem to be capable of the trust we have put into them.
The issues seem to involve:
1) If someone steals from you by using your debit card, the money is immediately taken out of your account and you will not have that money available to you while you are trying to get the bank to resolve the fraud.
2) If you use your debit card for checking into a hotel, the cost of the stay is frozen on your card, the funds aren’t available. But the hotel may also include some of your anticipated charges like bar tabs, room service or meals from the hotel restaurant. Those potential expenses are also frozen on the account.
3) A debit card has a liability issue which could cost you big bucks. The law puts a limit on liability for fraudulent charges, but only if you report them within 2 days. Are you checking your account every day?
4) Broken stuff. If you pay for something with your credit card and it doesn’t work, you can claim a dispute with the issuer. If you paid with a debit card. The merchant has your cash you know you could have a fight.
5) Overdraft charges will quickly deplete your account if you are guilty of buying something without the funds to cover the purchase. If you pay $15 for that pizza delivery on your debit card, if there is only $14.99 in your account, you just paid $50 for that pizza delivery.
Bottom line. Make some hard choices and rules for yourself when you choose to use your debit card. Be informed on the potential hidden costs.
Further Information
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