this post was submitted on 27 Dec 2024
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You should never use a debit card online, though.
Why?
It works perfectly well for me.
With a debit card that's your money at risk. With a credit card it's the credit card company's money.
Credit card companies are required by law to reverse fraudulent charges, but banks aren't.
What law? My bank will (and has) reversed charges.
Lots of American defaultism in this thread. I only want to state that outside of the US things can be different with regards to banking.
For example, taking up debt is discouraged, while in the US it is encouraged to get a good "credit score".
Here's the thing, I hate the debt obsession in the US, however it's also really not that difficult to not get into way more debt then you can manage (barring medical expenses) and having a high credit score (even though it is stupid) absolutely does help in a ton of ways here.
I would encourage Americans to play the game smart, use credit as if it were debit, do not intentionally go into debt unless absolutely necessary, and if you're in that position you should start seeking help, because getting crushed in debt is fucking awful.
I learned a lot of what NOT to do from my parents and paying attention during the 2008 crisis.
Plus there's extra protections for credit cards, at least in the UK. Spend a certain amount and if the company goes bust you get your money back. Saved my ass with two different airlines that got into financial trouble once they'd taken my money.
I think fraud is required to be refunded by banks as well as credit issuers, but I'm sure most people would rather have money to spend on food and bills while they investigate, and you're not going to get that if your account has been drained.
Don't most debit cards (the ones that have the "Visa" logo) get processed as credit cards online anyway? Unless you're entering your pin number (which, I would highly advise against ever doing on the internet), then it is processed as a Visa purchase.
Or is that only at the point of sale?
They might get processed via the visa network, but the money is still leaving your bank account. Visa never really had it.
So now you gotta deal with visa and your bank to get something back that was stolen, and no, you aren't ending up with the same protections. They aren't as motivated as none of them are out the money.
If it was a credit transaction, the credit card company is out the money, and if you say it's fraud and refuse to pay them, well now they are on the hook. They're now motivated to determine if it was fraud or not as their money is on the line. Also, they now lose out on a potential customer that gives them high interest on debt if they dont undo it (because most people don't pay off their credit cards). There's no debt when it's a debit card and transaction fees are smaller so they earn less from you.
Edit: and even IF you get the money back, it's going to take a lot longer, and that money is gone in the meantime. Needed it for rent? Sorry the fraud investigation takes 2 months. With credit, your rent money isn't gone.
Debit card is tied directly to your bank account with no rollbacks. If somebody gets that info and decides to clean out your bank account, that money is gone, period, and you'll never see it again.
With a credit card, you have a degree of separation and the ability to contest or roll back charges. Debit cards don't do that.
You're in America, right? This isn't necessarily true everywhere.
Yeah, guilty as charged
In Europe it's like this:
Want to do a chargeback with American express or similar credit cards: call the toll free number and do it in less than 90 seconds, instantly approved
Want to do a chargeback with a debit card: you need to go to the police station and report the seller for fraud, then find the chargeback form hidden somewhere on the bank website, fill it and send it back together with the police fraud report via FAX (no email) to the bank, which might or might not approve it in 90 days. If it approves that, they will take a 30 euro fee from what you will get
I just emailed my bank, that was literally all it took. When I log in to my banking website I can do it right there, too. I just emailed them because I was afraid there might be consequences, but they called me up saying they'd already done it for me and I should have no worries
Happened twice, so it's not a one-of, and since I could even do it myself right from the summary of transactions... All direct debit. I don't even have a credit card, so it can't be mistaken.
I guess it might vary depending on how much we're talking... If they're correct that credit card companies are requried by law and banks are not, then I can imagine a bank deciding to refuse to refund a purchase if they feel as if it's too much money. At which point, it becomes much more of a hassle (lawyers getting involved, etc.) to get the money back.
Again, which law? We don't all live in the USA.
I said "if they're correct."
I don't fucking know what law.
I have just set so that I need a digital ID to use the card for digital purchases.
The do in Europe, mate.