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Go Debit?

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Moderator Emeritus

Re: Go Debit?

Saeren "Yup. I check my accounts multiple times a week despite having alerts for every single one of them except my Sync cards. My debit cards are all frozen and my main bank's debit card number hasn't even been used anywhere. Not worth the hassle."

After reading many a post on this and other websites, the banks have alot of flexibility on when they will restore lost funds, if they will restore lost funds, and all the other hassles.

 

Why loose the points or cash. Pay a credit card much like a debit card and no outstanding bills. Works for me. Smiley Happy

Message 11 of 14
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Super Contributor

Re: Go Debit?


@Dinosaur wrote:

Saeren "Yup. I check my accounts multiple times a week despite having alerts for every single one of them except my Sync cards. My debit cards are all frozen and my main bank's debit card number hasn't even been used anywhere. Not worth the hassle."

After reading many a post on this and other websites, the banks have alot of flexibility on when they will restore lost funds, if they will restore lost funds, and all the other hassles.

 

Why loose the points or cash. Pay a credit card much like a debit card and no outstanding bills. Works for me. Smiley Happy


Yes I have had to deal with my bank on a dispute before and while they handled it very well and found in my favor quickly, they actually flat out told me to use a credit card when I can because the credit card company is required to issue me a credit while they investigate while the bank is not supposed to except under circumstances with a police report. 

When you have a bank tell you not to use your debit card for purchases, it sinks in!



01/2019:
02/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 12 of 14
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Established Contributor

Re: Go Debit?

Not that I am advocating using debit cards, but I will just mention a few factoids based on about 20 years of using nothing BUT debit cards for anything I didn't buy with cash.

 

I did sometimes write checks, but not a large number - under 20 per year.

 

Cable bill - debit card

Dinner out - debit card

Amazon purchase - debit card

Fill car with gas - debit card

Buy plane ticket - debit card

etc

 

I didn't realize it was a rare thing ... it was routine for me from circa 1998 until earlier this year. Yes, I wish I had points or cash back for all that. But on the other hand, I lived a basically debt-free life.

 

So ... number of times I lost money to fraud: zero

Number of times I almost lost money to fraud: 1. And that's because in the late 90s, a store printed my full card number on the receipt, and the bag containing the receipt got stolen. Someone then used the number to order stuff from a music store, worth around $1,100. Luckily, I noticed it missing within a day, which was in time for the bank to stop payment. Debit purchases have to clear, like a check. Catch it before it clears and you are probably ok. Catch it after it clears and the money is gone.

 

I have had a few other incidents where my bank detected fraud and froze my card. I then called and either confirmed it was me, which it never was in these cases, or confirmed that it was not me, in which case they'd cancel the card and issue a replacement. That happened, I'd say, three or four times in 20 years.

 

As safe as credit cards ... probably not.

You're going to get ripped off 10 times a day ... unlikely.

It may not be the best way to go, but it's not an endless nightmare or whatever some people seem to be thinking in this thread. Nor is it new in any way.

 

The only reason I am not still using my debit card that way is that I'm consciously building credit, and have discovered the joy of cash back and points.


FICO 8 scores are deceptively high. My profile is young with a lot of new accounts and even more inquiries from 2019. The Barclay AU card is not on TransUnion; and, Equifax has some old positive accounts from 2011 that are not on the other two. That is the reason for the variation in scores. No derogs. Over 5/24 until fall 2021.
Cards

Authorized user / Corporate / Auto loan

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 045/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.

Goals: Late 2020 - Ducks Unlimited card; scores in high 700s with inquiries aging. Long-term goal - Prime rate mortgage; able to qualify for most standard credit products.
Message 13 of 14
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Established Contributor

Re: Go Debit?

Same here. I was using my debit card exclusively from probably 2001-2002 until last year. I even traveled to different countries (Mexico, Europe, etc) with it and luckily only had one incident of attempted fraud. Wells Fargo called me to ask me if I used my debit card to make a $900+ purchase at a Walmart about 50+ miles from me, I said no, and that was that. They didn’t allow the charge, and they sent me a new card right away. After that, they sent me a new debit card every year with no prompting.
Not to say you’re not still at risk, especially if you have a lot of cash in your checking account, but a lot of people don’t use their credit cards for every day purchases. In fact it never even occurred to me to do that until I came here. I even convinced my SO to start doing it after he got a Discover card to earn cash back.


February 2020:

Stats:
Message 14 of 14
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