Re:Debit cards are hidden financial infrastructure
by hn_throwaway_69 on Saturday November 13, 2021 @01:01AM
(#29207796)
Also Australian here. Use a credit card which is set to direct debit (auto pay) the full outstanding balance from a high interest savings account. Credit card is added to and only used through Google Pay.
* Never pay anything in the way of fees or interest, including international fees.
* Never have a positive balance sitting in a transaction account earning zero interest (or as Americans would say, checking account).
* Never worry about overdrawing my transaction account.
* Card authorisations don't deprive me of my own money (eg hotel security bond).
* Importantly, in the event of fraudulent use of the card, the bank wears the damage while an investigation is underway.
A debit card might tick the first item on this list, but not the rest.
* Never pay anything in the way of fees or interest, including international fees.
* Never have a positive balance sitting in a transaction account earning zero interest (or as Americans would say, checking account).
* Never worry about overdrawing my transaction account.
* Card authorisations don't deprive me of my own money (eg hotel security bond).
* Importantly, in the event of fraudulent use of the card, the bank wears the damage while an investigation is underway.
A debit card might tick the first item on this list, but not the rest.