this post was submitted on 23 Oct 2023
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If your card number is stolen the bank will take months if at all reversing the charges. It's also easy to distinguish a debit from a credit card. When the thief figures out it's a debit card, they drain every possible penny right away. They can use it for cash back so the payout is faster and easier. Meanwhile your account is overdrafting and you can't pay your bills for months.
Compare that to a stolen credit card.... You just tell the bank which charges are fraud and they reverse them all immediately without question.
Use credit cards or cash. Leave the debit card at home locked away for the rare atm run or just destroy it.
Are there any systems I (pun unintended) buy into when using a credit card over a debit card?
I'm still agreeing to a bank, for instance, when credit unions are an alternative.
Apologies for the naivete. Seems like my education failed me here.
Cash back is with CC only. Other than the immediate financial debit, they're the same in almost every way from the standpoint of a transaction. The use contract favors the bank with a debit card whereas it favors the card holder with a credit card.
My main credit card is through a credit union. So are most of my accounts. I avoid traditional banks too.