Some thoughts on the crap with credit and debit cards locally. First off, as I understand it, the most you can be held liable for is $50. After that, its the banks problem. But, in order to protect yourself, are you better off using your debit or credit card or cash? Ive run this past some people who know, and here are their thoughts. Cash - obviously cant get hacked, but can get lost/stolen and if that happens youre out however much cash you had. Some people have more difficulty controlling their spending if they have a lot of cash in their pockets. Credit card - can get hacked/lost/stolen. The max youre out is $50. But for some people credit card debt can get out of hand and interest rates are very high. Debit card - can get hacked/lost/stolen. The max youre out is $50. You probably cant spend more than you have. But, and this is a big but, if your card is hacked, and they get into your account and drain it, although youre only liable for the first $50, you will be waiting for the bank to return to you money that was in your account. With a charge card, its their money and it does not affect your short term liquidity. As for us? No debit cards until this is resolved. Well charge it and pay it off every month or pay cash. Dont get excited. My wife rarely allows me to carry more than $200.
Posted on: Tue, 23 Dec 2014 21:19:59 +0000
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