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PhraseExpander Giveaway (59$ value) today only
40hz:
When living in the Netherlands I did have a bank card and that I used a lot, because it felt much more secure than a credit card. Just saying, it's not that I have too much against 'plastic', I just don't like credit cards.
-Shades (May 06, 2014, 07:45 AM)
--- End quote ---
Makes two of us.
Interesting that there's such a demarcation between credit and debit (i.e. bank) cards in Paraguay. Over here they're virtually interchangeable. Especially now that the transactions go through in near real time. Far from not liking debit cards, many merchants here prefer them. They pay a fee just like they do to process a credit card transaction. But the funds clear into their checking account almost immediately if the customer has sufficient funds and enters a PIN number at the time of purchase. Transactions going through the credit card process can take up to three days to appear in the merchant's account. Credit card transactions are also much easier to get reversed, so there's a greater risk to the seller if a customer decides to play games.
FWIW, I have a small checking account linked to my main account. It has it's own debit card. Anytime I want to make a purchase (especially online or via phone call), I'll transfer sufficient funds out of my main account into this account (easily done online or by old-fashioned voice phone keypad) and use its debit card to make the purchase. Unless I'm about to buy or order something, the balance in this account is kept very low. This way, even if the account becomes compromised because some seller got careless (or I did) I'm only at risk for the small 'idle' balance in the account. My main checking account remains as "anonymous" and "safe" as these things can be. (Which may not be all that much, but every little bit of extra security counts.)
And if my "for purchases" account ever does get hit, I can just close it, open a new one with it's own debit card, and be on my merry way.
One nice side effect: Because I have to transfer money onto this account to use the debit card, it greatly cuts down on impulse purchases. Sometimes that extra step makes me think twice and decide I really don't need to buy it after all. That can hardly be a bad thing. :mrgreen:
8)
superboyac:
When living in the Netherlands I did have a bank card and that I used a lot, because it felt much more secure than a credit card. Just saying, it's not that I have too much against 'plastic', I just don't like credit cards.
-Shades (May 06, 2014, 07:45 AM)
--- End quote ---
Makes two of us.
Interesting that there's such a demarcation between credit and debit (i.e. bank) cards in Paraguay. Over here they're virtually interchangeable. Especially now that the transactions go through in near real time. Far from not liking debit cards, many merchants here prefer them. They pay a fee just like they do to process a credit card transaction. But the funds clear into their checking account almost immediately if the customer has sufficient funds and enters a PIN number at the time of purchase. Transactions going through the credit card process can take up to three days to appear in the merchant's account. Credit card transactions are also much easier to get reversed, so there's a greater risk to the seller if a customer decides to play games.
FWIW, I have a small checking account linked to my main account. It has it's own debit card. Anytime I want to make a purchase (especially online or via phone call), I'll transfer sufficient funds out of my main account into this account (easily done online or by old-fashioned voice phone keypad) and use its debit card to make the purchase. Unless I'm about to buy or order something, the balance in this account is kept very low. This way, even if the account becomes compromised because some seller got careless (or I did) I'm only at risk for the small 'idle' balance in the account. My main checking account remains as "anonymous" and "safe" as these things can be. (Which may not be all that much, but every little bit of extra security counts.)
And if my "for purchases" account ever does get hit, I can just close it, open a new one with it's own debit card, and be on my merry way.
One nice side effect: Because I have to transfer money onto this account to use the debit card, it greatly cuts down on impulse purchases. Sometimes that extra step makes me think twice and decide I really don't need to buy it after all. That can hardly be a bad thing. :mrgreen:
8)
-40hz (May 06, 2014, 08:25 AM)
--- End quote ---
clipped and saved. dammit 40, i need to make a new category for your stuff in my notetakers.
tomos:
Credit card transactions are also much easier to get reversed, so there's a greater risk to the seller if a customer decides to play games.
-40hz (May 06, 2014, 08:25 AM)
--- End quote ---
the other side of the coin is that with a CC the customer has better protection. I've heard that if a debit card is stolen and sucessfully used, the owner is royally screwed (I dont actually know if that's true though).
40hz:
Credit card transactions are also much easier to get reversed, so there's a greater risk to the seller if a customer decides to play games.
-40hz (May 06, 2014, 08:25 AM)
--- End quote ---
the other side of the coin is that with a CC the customer has better protection. I've heard that if a debit card is stolen and sucessfully used, the owner is royally screwed (I dont actually know if that's true though).
-tomos (May 06, 2014, 04:23 PM)
--- End quote ---
It all depends on how quickly you report it stolen or illegally used. Per the Nolo website:
Credit Cards
Your liability for unauthorized charges depends on whether the thief personally presented your card to make the purchase, or made the purchase over the Internet or by phone.
If the thief personally presents your card to make the purchase, the card issuer cannot hold you liable for more than $50 in fraudulent charges. Many card issuers waive this $50.
If the thief uses your card by phone or the Internet, you have no liability.
In either of the above situations, however, it's important to notify the card issuer as soon as you know of the theft. If you wait, the creditor may not believe that the card was really lost or stolen.
ATM and Debit Cards
With ATM or debit cards, you must act quickly in order to avoid full liability for unauthorized charges when your card is lost or stolen. Under the federal Electronic Fund Transfer Act, your liability is:
$0 if you report the loss or theft of the card immediately and the card has not been used
up to $50 if you notify the bank within two business days after you realize the card is missing
up to $500 if you fail to notify the bank within two business days after you realize the card is missing, but do notify the bank within 60 days after your bank statement is mailed to you listing the unauthorized withdrawals, or
unlimited if you fail to notify the bank within 60 days after your bank statement is mailed to you listing the unauthorized withdrawals.
--- End quote ---
tomos:
It all depends on how quickly you report it stolen or illegally used. Per the Nolo website:
-40hz (May 06, 2014, 06:07 PM)
--- End quote ---
better conditions than I thought. What about stolen credentials... I guess that is covered though by the last line: unlimited [liability] if you fail to notify the bank within 60 days after your bank statement is mailed to you listing the unauthorized withdrawals.
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