Personal Finance: Debit Card Pitfalls
Personal Finance: Debit Card Pitfalls – as part of the expert series by GeoBeats. Hi, my name is Carol Friedhoff, and I am with Savvy Outcomes. Many people are concerned about using their debit cards. Is it a good thing? Or is it ok? And the challenge is that many people are worried about their credit cards because there has been so much concern about getting into credit card debt. So debit cards have been great because you are using your money from your checking account rather than incurring additional debt. However, there is a difference between how credit cards are legislated versus the debit cards. And you may have more protection with a credit card than with a debit card. A credit card is covered by the fair Credit Card Billing, which reduces some of the exposure to fraudulent activity as well as protection when you make major purchases as far as making sure that if there is not good quality that you have some protection. So when looking at using the debit card, just may need to keep some of that in mind. May want to use the credit card for larger purchases, and be careful when you are making or canceling a debit card transaction because it is being treated like a checking account instead of like a credit card. With a checking account the money is taken out of your account right away, where with a credit card you have a thirty day rolling cycle. So, if there is a cancellation, there is time to get it caught up and get it off your account whereas, with a debit card …
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