Credit cards and debit cards each have their places. Some people cannot manage debt or the acumulation of it, and they're better off with a debt card. Others manage debt better. They take advantage of what a credit card offers. There are protections in place for each. There is no wrong or better one. Ease up.
Apparently my credit card company has an inflated opinion of me. Someone stole my info and charged a $5000 Rolex watch to my credit card and they let the charge go through. Another time I was at a Walmart in east Tennessee and they refused a $150 charge for some race day meal supplies then texted and called me about the charge.
Duke said:1kris06 said:In reply to Johnboyjjb :
There's no borrowing involved with a credit card when you pay off your bill in full every month.
^^^^^ THIS. I get interest-free use of somebody else's money for a minimum of 25 days. Why WOULDN'T I buy everything I can via credit card? The 1% rebate is just a bonus on top of that.
Yep. While I am disciplined now, it took a number of years of pain for me to get there, so I totally understand where the "CC-BAD!" folks are coming from. I used to use my debit card for this reason, but then realized I was leaving money on the table by not using a cash-back card. Now I use that cash back credit to pay for Amazon purchases a few times a year.
Update, albeit a minor one: got notification that they put the funds back in the account provisionally, pending the outcome of their investigation. I suppose this is to minimize the inconvenience, though I didn't ask for it and have no intention of touching it until the final verdict is in. More to come, I'm sure.
A bit of clarification on the debate. A visa/mastercard backed debit card works like a credit card unless a PIN is entered. I'm certain these charges were fraudulently put up against the "Visa/Mastercard" part of it, not the Debit part. WIthout that PIN, it's just a normal credit card and will be protected like one.
That's one of the problems with a debit card, if your PIN ever gets stolen, it's hell to prove that you didn't use the card as they treat the PIN as a signature that you were personally there.
02Pilot said:So I get an email an hour ago that a charge on my Capital One debit card has overdrawn my account (I keep the card on a separate account with only a small amount in it). This is strange, as I haven't used that debit card recently; I barely use it at all, in fact. I check my account statement - it's a $500 charge for Nordstrom's in California. I'm in NY. I don't shop at Nordstrom's. berkeley.
I disputed the charge immediately and locked the card. I can't get a live person until tomorrow morning. Anything else I should be doing? What are the chances I see my money again?
You will get your money back quickly. For card non present fraud when it is obviously counterfeited (You're not in California) it gets resolved quickly and the provisional creit will be made permanent. Don't be afraid to use that money if you need to pay bills.
It may have been asked already but did the card that have fraud on it have an EMV chip and does your new one have one?
My guess is that if your old card had a chip it was key entered over the phone or punched in at the register. If it didn't have a chip, it was skimmed and sold somewhere local to you. I was in fraud logistics (writing the strategy for card fraud) for a big bank for about a decade and your case is really the easiest open and shut cases so don't worry about it.
crankwalk said:02Pilot said:So I get an email an hour ago that a charge on my Capital One debit card has overdrawn my account (I keep the card on a separate account with only a small amount in it). This is strange, as I haven't used that debit card recently; I barely use it at all, in fact. I check my account statement - it's a $500 charge for Nordstrom's in California. I'm in NY. I don't shop at Nordstrom's. berkeley.
I disputed the charge immediately and locked the card. I can't get a live person until tomorrow morning. Anything else I should be doing? What are the chances I see my money again?
You will get your money back quickly. For card non present fraud when it is obviously counterfeited (You're not in California) it gets resolved quickly and the provisional creit will be made permanent. Don't be afraid to use that money if you need to pay bills.
It may have been asked already but did the card that have fraud on it have an EMV chip and does your new one have one?
My guess is that if your old card had a chip it was key entered over the phone or punched in at the register. If it didn't have a chip, it was skimmed and sold somewhere local to you. I was in fraud logistics (writing the strategy for card fraud) for a big bank for about a decade and your case is really the easiest open and shut cases so don't worry about it.
Chip in the old card, and presumably in the new one (it hasn't arrived yet). Thanks for the reassurance.
Ian F said:Duke said:1kris06 said:In reply to Johnboyjjb :
There's no borrowing involved with a credit card when you pay off your bill in full every month.
^^^^^ THIS. I get interest-free use of somebody else's money for a minimum of 25 days. Why WOULDN'T I buy everything I can via credit card? The 1% rebate is just a bonus on top of that.
Yep. While I am disciplined now, it took a number of years of pain for me to get there, so I totally understand where the "CC-BAD!" folks are coming from. I used to use my debit card for this reason, but then realized I was leaving money on the table by not using a cash-back card. Now I use that cash back credit to pay for Amazon purchases a few times a year.
It takes a while to learn, and now there is nothing I hate more than credit card interest. I somehow managed to enter the date wrong, or not complete the transaction properly when I was paying online, and the $40 or whatever interest it was that I had to pay the next month really irked me.
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