Comments on: Brief Interview With a Visa Representative http://www.lazymanandmoney.com/brief-interview-with-a-visa-representative/ Saving, Earning, and Investing Money Sat, 21 Nov 2009 00:22:17 -0800 http://wordpress.org/?v=2.8.5 hourly 1 By: NatalieMac http://www.lazymanandmoney.com/brief-interview-with-a-visa-representative/comment-page-1/#comment-121875 NatalieMac Tue, 06 Jan 2009 00:11:55 +0000 http://www.lazymanandmoney.com/?p=1366#comment-121875 As someone who's been a victim of debit card fraud twice, let me offer this hard-learned advice. Do *not* use your debit card to pay a server at a restaurant, and do *not* use it to 'pay at the pump' for gasoline. Use cash or credit cards at restaurants where your server disappears with your card. If you must use a debit card at a gas station, go inside and pay the cashier directly. As someone who’s been a victim of debit card fraud twice, let me offer this hard-learned advice. Do *not* use your debit card to pay a server at a restaurant, and do *not* use it to ‘pay at the pump’ for gasoline. Use cash or credit cards at restaurants where your server disappears with your card. If you must use a debit card at a gas station, go inside and pay the cashier directly.

]]> By: Craig http://www.lazymanandmoney.com/brief-interview-with-a-visa-representative/comment-page-1/#comment-119882 Craig Tue, 23 Dec 2008 20:36:22 +0000 http://www.lazymanandmoney.com/?p=1366#comment-119882 Brief but good, I am a big debit card user (mastercard) but it's still reassuring to read this. Brief but good, I am a big debit card user (mastercard) but it’s still reassuring to read this.

]]> By: kosmo http://www.lazymanandmoney.com/brief-interview-with-a-visa-representative/comment-page-1/#comment-119876 kosmo Tue, 23 Dec 2008 19:06:16 +0000 http://www.lazymanandmoney.com/?p=1366#comment-119876 A key point - although an issuer "may offer" liability protections such as zero liability, the following are the maximum liability, per federal law: Credit card: - $50 Debit card: - $50 if you notify the issuer within 2 business days of noticing authorized use - $500 if you notify the issuer after 2 business - Unlimited liability if you fail to notify the issuer within 60 days after the mailing of the bank statement that contained the unauthorized use While your issuer MAY offer more limited liability than this, you shouldn't assume it, because nothing forces them to offer these protections. If you read the VISA rep's response to that question, you will notice that they do not explicity say that debit cards ARE as safe as credit cards. I'm not suggesting that debit cards are grenades waiting to explode - just that it's important to appreciate the differences. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre04.shtm A key point – although an issuer “may offer” liability protections such as zero liability, the following are the maximum liability, per federal law:

Credit card:
- $50

Debit card:
- $50 if you notify the issuer within 2 business days of noticing authorized use

- $500 if you notify the issuer after 2 business

- Unlimited liability if you fail to notify the issuer within 60 days after the mailing of the bank statement that contained the unauthorized use

While your issuer MAY offer more limited liability than this, you shouldn’t assume it, because nothing forces them to offer these protections. If you read the VISA rep’s response to that question, you will notice that they do not explicity say that debit cards ARE as safe as credit cards.

I’m not suggesting that debit cards are grenades waiting to explode – just that it’s important to appreciate the differences.

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre04.shtm

]]> By: Mark - Productivity501 http://www.lazymanandmoney.com/brief-interview-with-a-visa-representative/comment-page-1/#comment-119862 Mark - Productivity501 Tue, 23 Dec 2008 17:17:26 +0000 http://www.lazymanandmoney.com/?p=1366#comment-119862 The difference is that when you use the credit card processing the merchant pays a fee. This fee takes into account the chance that the charge will be fraudulent. So in effect, the merchant is "insuring" the transaction. When you use the card as a debit card, it usually doesn't come with those protections. I try to use a debit card as little as possible because the risk is so much greater than with a credit card. Obviously that only works if you have a good handle on your spending. The difference is that when you use the credit card processing the merchant pays a fee. This fee takes into account the chance that the charge will be fraudulent. So in effect, the merchant is “insuring” the transaction. When you use the card as a debit card, it usually doesn’t come with those protections.

I try to use a debit card as little as possible because the risk is so much greater than with a credit card. Obviously that only works if you have a good handle on your spending.

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