Best cash back debit card ?

[Green456]

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@AllZero wrote:

Chartway FCU. https://www.chartway.com/accounts/cashback.html

EQ soft pull for membership. Open membership.

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This is **bleep** good. 3% cashback beats most credit cards. 

[Green456]

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@K-in-Boston wrote:

I'm not too familiar with debit rewards, but one benefit your secured cards have is protection from fraud.  It's a lot easier and faster to dispute fraudulent charges on a credit card than a debit card, and a thief can't drain your bank account with a credit card.

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Debit cards get fraud protection as well. If you are still worried you can easilly have one debit card for store purchases and separate one for everything else. 

[Anonymous]

You may not have rewards on secured cards ATM, but continued use and PIF is a good way to graduate from those into cards with benefits.

Plus you're not opening youself up to the possiblity of your account being drained and in a bind until the Bank sorts it out.

If you're going to go ahaed with the debit card route, I suggest only keeping the bare minimum on said account, while the bulk of your funds are located in a seperate account to be safe.

[AllZero]

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@Green456 wrote:

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@AllZero wrote:

Chartway FCU. https://www.chartway.com/accounts/cashback.html

EQ soft pull for membership. Open membership.

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This is **bleep** good. 3% cashback beats most credit cards. 

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Yes, 3% is good with a cap.

They also mailed me a $5 check as an incentive to deposit and use their mobile banking app.

[K-in-Boston]

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@Green456 wrote:

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@K-in-Boston wrote:

I'm not too familiar with debit rewards, but one benefit your secured cards have is protection from fraud.  It's a lot easier and faster to dispute fraudulent charges on a credit card than a debit card, and a thief can't drain your bank account with a credit card.

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Debit cards get fraud protection as well. If you are still worried you can easilly have one debit card for store purchases and separate one for everything else. 

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Looks like I was in a hurry typing that last month; I should have clarified "superior protection from fraud" in that first sentence.  Basically, even if it takes you months to notice and report the fraud, the most you could possibly ever be on the hook for is $50 if your credit card is compromised, but hardly any lenders actually charge that in modern times.  Once a complaint is made, the credit is usually (at least temporarily while an investigation is conducted) made to your account immediately.

Debit cards are governed by an entirely different set of laws (EFTA).  You are not liable if you report your card lost or stolen prior to any fraudulent charges.  If you report it within 2 business days, you are liable for $50 which most banks will charge.  More than 2 business days and that increases to $500.  After 60 days, there is no cap.  It usually takes several weeks to be reimbursed for debit card fraud, and if your account has been severely or completely drained, for many consumers that means a domino effect of late charges and/or overdraft charges if they don't have the funds to pay rent/mortgage and other bills.

[blindambition]

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@K-in-Boston wrote:

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@Green456 wrote:

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@K-in-Boston wrote:

I'm not too familiar with debit rewards, but one benefit your secured cards have is protection from fraud.  It's a lot easier and faster to dispute fraudulent charges on a credit card than a debit card, and a thief can't drain your bank account with a credit card.

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Debit cards get fraud protection as well. If you are still worried you can easilly have one debit card for store purchases and separate one for everything else. 

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Looks like I was in a hurry typing that last month; I should have clarified "superior protection from fraud" in that first sentence.  Basically, even if it takes you months to notice and report the fraud, the most you could possibly ever be on the hook for is $50 if your credit card is compromised, but hardly any lenders actually charge that in modern times.  Once a complaint is made, the credit is usually (at least temporarily while an investigation is conducted) made to your account immediately.

Debit cards are governed by an entirely different set of laws (EFTA).  You are not liable if you report your card lost or stolen prior to any fraudulent charges.  If you report it within 2 business days, you are liable for $50 which most banks will charge.  More than 2 business days and that increases to $500.  After 60 days, there is no cap.  It usually takes several weeks to be reimbursed for debit card fraud, and if your account has been severely or completely drained, for many consumers that means a domino effect of late charges and/or overdraft charges if they don't have the funds to pay rent/mortgage and other bills.

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You couldn't give me enough cash back to entice me to use a debit card.

[Kforce]

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@blindambition wrote:

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You couldn't give me enough cash back to entice me to use a debit card.

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I bet there is some number that would work  

[blindambition]

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@Kforce wrote:

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@blindambition wrote:

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You couldn't give me enough cash back to entice me to use a debit card.

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I bet there is some number that would work  

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Honestly no! My anxiety prefers All my money in my account. Money is a major stress trigger. Debit horror stories, no not me! 😟 

[Green456]

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@blindambition wrote:

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@K-in-Boston wrote:

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@Green456 wrote:

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@K-in-Boston wrote:

I'm not too familiar with debit rewards, but one benefit your secured cards have is protection from fraud.  It's a lot easier and faster to dispute fraudulent charges on a credit card than a debit card, and a thief can't drain your bank account with a credit card.

---

Debit cards get fraud protection as well. If you are still worried you can easilly have one debit card for store purchases and separate one for everything else. 

---

Looks like I was in a hurry typing that last month; I should have clarified "superior protection from fraud" in that first sentence.  Basically, even if it takes you months to notice and report the fraud, the most you could possibly ever be on the hook for is $50 if your credit card is compromised, but hardly any lenders actually charge that in modern times.  Once a complaint is made, the credit is usually (at least temporarily while an investigation is conducted) made to your account immediately.

Debit cards are governed by an entirely different set of laws (EFTA).  You are not liable if you report your card lost or stolen prior to any fraudulent charges.  If you report it within 2 business days, you are liable for $50 which most banks will charge.  More than 2 business days and that increases to $500.  After 60 days, there is no cap.  It usually takes several weeks to be reimbursed for debit card fraud, and if your account has been severely or completely drained, for many consumers that means a domino effect of late charges and/or overdraft charges if they don't have the funds to pay rent/mortgage and other bills.

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You couldn't give me enough cash back to entice me to use a debit card.

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I'm the other way. I would love to have 1.5% flat and unlimited debit cash back. And like I mentioned before. You can have two separate accounts. One for debit card and one with everything else. 

[VPExecutive]

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@blindambition wrote:

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@K-in-Boston wrote:

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@Green456 wrote:

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@K-in-Boston wrote:

I'm not too familiar with debit rewards, but one benefit your secured cards have is protection from fraud.  It's a lot easier and faster to dispute fraudulent charges on a credit card than a debit card, and a thief can't drain your bank account with a credit card.

---

Debit cards get fraud protection as well. If you are still worried you can easilly have one debit card for store purchases and separate one for everything else. 

---

Looks like I was in a hurry typing that last month; I should have clarified "superior protection from fraud" in that first sentence.  Basically, even if it takes you months to notice and report the fraud, the most you could possibly ever be on the hook for is $50 if your credit card is compromised, but hardly any lenders actually charge that in modern times.  Once a complaint is made, the credit is usually (at least temporarily while an investigation is conducted) made to your account immediately.

Debit cards are governed by an entirely different set of laws (EFTA).  You are not liable if you report your card lost or stolen prior to any fraudulent charges.  If you report it within 2 business days, you are liable for $50 which most banks will charge.  More than 2 business days and that increases to $500.  After 60 days, there is no cap.  It usually takes several weeks to be reimbursed for debit card fraud, and if your account has been severely or completely drained, for many consumers that means a domino effect of late charges and/or overdraft charges if they don't have the funds to pay rent/mortgage and other bills.

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You couldn't give me enough cash back to entice me to use a debit card.

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The majority of the population would benefit from a cash back debit card over a credit card, seeing as most people use a debit card. 

Not sure why the other person I quoted said banks will charge $50 for fraud... That's simply not the case, as the banks and Visa/MC go beyond the protections the law gives for debit cards. Banks wouldn't be able to call it zero liability if they charged a fee, no?  I've never heard of such a thing.