Credit Cards Center Credit cards from our partners
Reply
Regular Contributor
Posts: 170
Registered: ‎02-23-2010
0

Re: Visa check card (debt card)


O6 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.


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


That is not true. I work as a Visa sales representative and dispute resolution rep for a bank. If it has a Visa or Mastercard logo on your debit card, you have EXACTLY the same rights as you would when using a Visa or Mastercard credit card.

 

Established Contributor
Posts: 756
Registered: ‎03-26-2010
0

Re: Visa check card (debt card)

"The error will be corrected but only after late fees, returned check charges, etc"

 

 

That's what I am thinking. Having a card linked to your checking account. I guess if it it wasn't the only checking account you have, it would be ok. But to have all your money gone, to really do permanent damage. My bank lets me do free manual withdrawal with a debt slip. Free online bill pay. I think I will just wait on a debt card.

Capital One Quicksilver Visa | Capital One Quicksilver Matercard | Sony Visa | ebay Mastercard | Best Buy Visa| Shell Mastercard | CareCredit | Amazon Rewards Visa | Discover it | Lowes | Home Depot | Chase Freedom | Ebates Visa | TJMAX Platinum MasterCard | Stash Signature Visa | Hilton Amex | Bank of America Cash Rewards Visa | Bank of America Better Balance Rewards Visa | US Bank Cash Rewards | Blue Cash AMEX | IHG Rewards Club World Mastercard | Barclay Cash Foward World Mastercard | Bank of America Travel Rewards Visa |
Senior Contributor
Posts: 3,626
Registered: ‎10-13-2009
0

Re: Visa check card (debt card)

[ Edited ]

cruthisfamily wrote:

O6 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.


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


That is not true. I work as a Visa sales representative and dispute resolution rep for a bank. If it has a Visa or Mastercard logo on your debit card, you have EXACTLY the same rights as you would when using a Visa or Mastercard credit card.

 


That's false.

 

The latest edition of the Visa Chargeback Manual (Visa Operations Manual) clearly explains major differences in chargeback rights between debit and credit card products.  For example, PIN based transactions on some Visa check cards are not covered.  Also, if your dispute goes to arbitration, debit card customers can be debited the costs of arbitration (approximately $500) prior to actual arbitration in the event the cardholder loses.  If the cardholder wins, the money is re-credited to your account.  With credit card customers this is not the case.  As if that isn't enough, chargebacks on overseas purchases are under Visa Regional (as distinguished from Visa USA) guidelines and in some regions there are zero protections for debit card holders. 

 

There's also the issue about the Special Rule for Credit Card Purchases that appears on your credit card statement Billing Rights Summary.

 

While Visa is trying to narrow the differences between debit and credit card products, they are simply not there yet.  Discover and MasterCard are even further behind.

IAALBNYL

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

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.