Re:Debit cards are hidden financial infrastructure
by vel0city on Sunday November 14, 2021 @08:56PM
(#29222759)
You miss out so much paying debit for things in the US. Most transactions net me 2-3% discount, I get baked in additional travel insurance on all travel I book with it, extra warranty on everything I buy, charge backs are easy when things go wrong, and if there's fraud I'm not out cash while things get investigated.
A friend did all her banking in a single checking account. Her card was duplicated and completely wiped out. She filed with the bank for fraud charges. It took almost a week before most charges were wiped out. All the while she had literally no money to eat, buy gas, etc. If that was a credit card, it wouldn't matter. She would still have all her money. She could easily just use a different line of credit, use cash, or use her debit card.
So paying a debit card gets you far less benefits and depending on viewpoint carries higher risks. But the benefit is you (sometimes) can't spend cash you do not have.
A friend did all her banking in a single checking account. Her card was duplicated and completely wiped out. She filed with the bank for fraud charges. It took almost a week before most charges were wiped out. All the while she had literally no money to eat, buy gas, etc. If that was a credit card, it wouldn't matter. She would still have all her money. She could easily just use a different line of credit, use cash, or use her debit card.
So paying a debit card gets you far less benefits and depending on viewpoint carries higher risks. But the benefit is you (sometimes) can't spend cash you do not have.