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Brief Interview With a Visa Representative

December 23, 2008 by Lazy Man 4 Comments

You may have noticed a new sponsor lately. Yep it’s Visa. You might recognize them from such places as the logo on the cards in your wallet, and the signs on a door of a shop. In fact it’s just about everywhere (you want to be) ;-). Anyway, I found myself with the opportunity to pass on a couple of nuggets of information about debit cards.

  • Q: What’s the best way to earn rewards on a debit card?

    Ask your debit card issuer if they offer a debit rewards program. Often, issuers will pair up with a partner like an airline or hotel to give you the ability to earn points on a debit card toward rewards you care about. Some financial institutions also offer the ability to earn points for qualified purchases that can be redeemed through an online catalog, for items like gift cards, airline vouchers and hotel accommodations. It’s important to understand how you can earn points toward rewards ““ what purchases qualify, whether you earn points when you enter a PIN or sign for your purchases, etc. Make sure you ask these questions of your financial institution.

    My take: I have to be honest, I didn’t really expect them to say that you could earn rewards on a debit card. I get nothing from my Bank of America account. However maybe it’s possible with these high interest 5%+ Interest checking accounts. That article is a few months old and 5% may be tougher to get now, but it seems like a good way to get some rewards.

  • Q: Is a debit card as safe to use as a credit card?

    Despite the popularity of debit cards, consumers are often confused about the security features and consumer protections debit cards offer. As a matter of fact, many of the same features and protections provided by their credit card are also offered with debit cards. Protections which guard cardholders from fraudulent or unauthorized charges, like “Zero Liability” are typically in effect when a cardholder signs for their purchase or makes a purchase online. Consumers can also see timely replacement of funds from their financial institution, in the unlikely event of fraud, and also have the ability to dispute debit card charges should an issue arise with a merchant regarding your purchase ““ just as you would with a credit card.

    It is important to continually monitor your monthly statement to identify any unauthorized transactions. If you notice fraudulent activity on your card, you should contact your financial institution as soon as possible and report it ““ this may help to reduce your liability.

    I don’t make a lot of debit card purchases, but when I do it seems like it’s almost always with a PIN number, not a “Zero Liability” method like signing. For that matter, I’m surprised that purchases online qualify for zero liability. It brings up the interesting question of whether I need to be prompt in reporting fraudulent activity when “zero liability” protections are in effect. I’d love to “help to reduce my liability” from zero.

Filed Under: Banking Tagged With: debit cards, visa, zero liability

Best Credit Card for Foreign Travel? (Ask the Readers)

October 27, 2008 by Lazy Man 4 Comments

Last week, I mentioned how my wife and I are going on ambitious trip to Phuket (and Australia). It’s been a little while since I went outside the US. Last year, we went to Aruba, but I’m so familiar with saving money in Aruba, that I didn’t feel the need to conserve every last cent. More importantly, they accept US Dollars so there’s no conversion.

Australia and Thailand are two different monsters entirely. I have no clue what to expect for prices. I’ve heard that credit card companies can play some tricks with conversion rates and fees. For example this article from Bankrate says that there are a couple of fees, one from Mastercard and Visa and another from the issuing bank. I’d like to be able to use my credit as a savings tool like I do in the US earning cash back when possible.

It looks like Capital One may have one of the lowest fees, but I don’t feel comfortable with them since they hate the environment.

In the end, we’ll probably take advantage of the USAA and their debit card. They promise no fees even abroad. Seeing how they are affiliated with the military, I think I trust them to get me a good exchange rate since they aren’t for big profits like other banks… Or else I’ll just check out some of these credit card reviews.

Filed Under: Ask the Readers Tagged With: aruba, australia, bankrate, Capital One, conversion rates, credit card companies, phuket, saving money, thailand, visa

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