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Frequent Contributor
jeffery581
Posts: 373
Registered: ‎03-26-2010
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Visa check card (debt card)

[ Edited ]

Is using a debt card (visa check card) safe? I have read lots of things regarding the lack of fraud prevention using a debt card. Stolen cards causing a chain reaction on your checking, ect. ect. I have avoided using one because in the past a "hold" was placed on funds that were not needed,(pay at the pump, which I know not to do now) this caused a chain reaction of checks to bounce. Do you use a debt card? Is it really safe? Thanks for your input!

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Regular Contributor
lkcrew426
Posts: 161
Registered: ‎02-23-2010
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Re: Visa check card (debt card)

You have the same protections with a Visa debit card as you do with a visa card. However, your checking account will be out the money that is incurred in the meantime - whereas a credit account you are not "technically" out the money. It can take 60 days (or more occasionally) for a dispute to be resolved.

Starting July 2012: 583 (myFICO Eq);
Current 11/2013: 719, (Lender Pull Eq) 690 (FICO Eq) 719 (WM TU)
Goal: 750 by 12/2014 & possibly new mortgage

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Imhotrodcrazy
Posts: 1,554
Registered: ‎03-11-2009
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Re: Visa check card (debt card)

I use my debit card a lot and I have never had a problem. 

FICOS
TU 805 12/12/14
EX 806 10/26/14
EQ 829 12/13/14
NASA 30K / / Amex 20k / / Chase Freedom 10.6k / / / / / SD'd US Bank Cash+ 20k, LOC 15k
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blacklotus
Posts: 235
Registered: ‎02-14-2010
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Re: Visa check card (debt card)

[ Edited ]

When I was going for a few years not using any kind of credit- mainly because of low Fico's I used only my debit card.  I never had a problem and it taught me not to spend more than what's in my checking account.  The only drawback to this strategy was that I had nothing credit wise to show all those years of not using credit.  

 

IMHO looking back I think once I got my budgeting skills under control I probably should've used one credit card and PIF because later on when my Fico's improved I would've had something to show for it.

 

EDIT:  Nowadays I budget much better and never buy anything on credit I couldn't easily PIF.  But I am still very careful and conservative and still use my debit card when I think I might be tempted to overspend.


TU Fico 736 EQ Fico 730 (December 2012)
Valued Contributor
Imhotrodcrazy
Posts: 1,554
Registered: ‎03-11-2009
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Re: Visa check card (debt card)

I also used only my debit card for about 12 yrs.  I absolutely hated credit because of credit problems caused by my  "ex".  It has taken me the  last couple of years to get all of my scores above 700,  thanks to this forum.    I am also a very conservative person.  I never charge more than I can pay off, and usually do it within a few days of my purchase. 

FICOS
TU 805 12/12/14
EX 806 10/26/14
EQ 829 12/13/14
NASA 30K / / Amex 20k / / Chase Freedom 10.6k / / / / / SD'd US Bank Cash+ 20k, LOC 15k
Goal - At my age, just staying alive
Contributor
MAstudent07
Posts: 117
Registered: ‎05-20-2009
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Re: Visa check card (debt card)

[ Edited ]

I will say that using a debit card in my younger years taught me to only spend what is available in my account. I got my first credit card at 30 years old, and now I feel that I "get the jist" of spending only what is reasonable. A debit card played an important role in understanding some fundamental strategies to keep my spending in check. :smileyhappy:

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Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
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Re: Visa check card (debt card)

This is a helpful overview of using debit cards, posted on the Credit in the News forums:

 

Hope that's helpful!
Just puttin' syrup on something, don't make it pancakes.
Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009
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Re: Visa check card (debt card)


cruthisfamily wrote:

You have the same protections with a Visa debit card as you do with a visa card. However, your checking account will be out the money that is incurred in the meantime - whereas a credit account you are not "technically" out the money. It can take 60 days (or more occasionally) for a dispute to be resolved.


Not exactly.  Chargeback rights are, if they even exist, more restricted when using a debit card over a credit card. 

IAALBNYL
Established Member
huh
Posts: 18
Registered: ‎09-01-2007
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Re: Visa check card (debt card)

 


cruthisfamily wrote:

You have the same protections with a Visa debit card as you do with a visa card. However, your checking account will be out the money that is incurred in the meantime - whereas a credit account you are not "technically" out the money. It can take 60 days (or more occasionally) for a dispute to be resolved.


 

Apparently, everyone's mileage varies with this. BofA refunds the amount immediately and then at the end of their investigation, usually about 5 business days, if the merchant is not in the wrong or has in the meantime issued their own refund to you, the bank reverses their refund funds back to the merchant. Or at least that has been my experience about five or six times in the past 10 years.

 

Regular Contributor
lkcrew426
Posts: 161
Registered: ‎02-23-2010
0

Re: Visa check card (debt card)


huh wrote:

 


cruthisfamily wrote:

You have the same protections with a Visa debit card as you do with a visa card. However, your checking account will be out the money that is incurred in the meantime - whereas a credit account you are not "technically" out the money. It can take 60 days (or more occasionally) for a dispute to be resolved.


 

Apparently, everyone's mileage varies with this. BofA refunds the amount immediately and then at the end of their investigation, usually about 5 business days, if the merchant is not in the wrong or has in the meantime issued their own refund to you, the bank reverses their refund funds back to the merchant. Or at least that has been my experience about five or six times in the past 10 years.

 


This is true. Upom recieving notification from the customer on the dispute, the bank is required to refund the fees while they investigate. However, if - for example - you have a $1,000 balance and $500 in overdraft protection and you lose your debit card. The theif spends the whole $1000 and then your rent check gets returned for $600. The error will be corrected but only after late fees, returned check charges, etc.

Starting July 2012: 583 (myFICO Eq);
Current 11/2013: 719, (Lender Pull Eq) 690 (FICO Eq) 719 (WM TU)
Goal: 750 by 12/2014 & possibly new mortgage

NFCU Cash Rewards 17,500 ~ Care Credit $13,200 ~ Home Depot 8,000 ~ Sam's Club $6,000 ~ Walmart 3,100 ~ US Bank 2,000 ~ Victoria's Secret 1730 ~ Capital One 1500 ~ Target 1,000

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