Reply
Frequent Contributor
Posts: 373
Registered: ‎03-26-2010
0

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!

Capital One QuicksilverOne MC| MTV Visa | Sony Visa | NFL Visa | ebay MC | Best Buy MC | Credit One Visa | JCP | Kohl's| Conoco | Bloomingdale's | Lowe's | CareCredit | Firestone | Walmart | Academy Sports Visa | Macy's | Target | Amazon | Gap |
Regular Contributor
Posts: 161
Registered: ‎02-23-2010
0

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

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
Valued Contributor
Posts: 1,707
Registered: ‎03-11-2009
0

Re: Visa check card (debt card)

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

FICOS
TU 802 4/7/15
EX 808 4/17/15
EQ 831 4/26/15
NASA 30K / / Amex 20k / / Chase Freedom 10.6k// Venture 20K / / / / / SD'd US Bank Cash+ 20k, LOC 15k, In their final resting place, can you hear the sound of taps?
Goal - At my age, just staying alive
Regular Contributor
Posts: 235
Registered: ‎02-14-2010
0

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
Posts: 1,707
Registered: ‎03-11-2009
0

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 802 4/7/15
EX 808 4/17/15
EQ 831 4/26/15
NASA 30K / / Amex 20k / / Chase Freedom 10.6k// Venture 20K / / / / / SD'd US Bank Cash+ 20k, LOC 15k, In their final resting place, can you hear the sound of taps?
Goal - At my age, just staying alive
Contributor
Posts: 117
Registered: ‎05-20-2009
0

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:

-------------------------------------------------------------------------------------------------
EQ: 797
TU: 782
-------------------------------------------------------------------------------------------------
Moderator Emeritus
Posts: 4,470
Registered: ‎12-31-2008
0

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
Posts: 3,626
Registered: ‎10-13-2009
0

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
Posts: 18
Registered: ‎09-01-2007
0

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
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
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.