Debit or Credit ?

[JackDidley]

Credit. Do not even have a debit card.

[KFC911]

Originally Posted by JackDidley

Credit. Do not even have a debit card.

I destroyed a CC I had for a LONG time over a decade ago....debit only now....different strokes . I will not feed the ba$tids that promote them and drive up costs for everyone

[Deschodt]

So much for a clear cut answer ;-) I was was asking from the standpoint of security and protection, and I see no evidence one is greatly superior to the other (other than the potential fraudulent debit that day affecting your balance). My bank detected and covered fraudulent charges on both without me even asking... I'm really all about which one protect the best, might use my CC more now but it's not as clear cut as I'd hoped...

[rwest]

They both basically have the same protection except with the debit your money is gone and not available to you until you jump the hoops. With credit you still have all your money until you pay the bill- see fraud, you don’t pay it.

[KFC911]

Originally Posted by rwest

They both basically have the same protection except with the debit your money is gone and not available to you until you jump the hoops. With credit you still have all your money until you pay the bill- see fraud, you don’t pay it.

Nope....my debit has been compromised a few times over 25 years...not one cent has ever left my account. "They" have really become blurred since debits first appeared.

Your bank or CU is not doing this....VISA does both...service provider role.

[Gew]

I try to avoid it all and pay with cash only. Guess I'm a bit old fashioned.

[jcommin]

After my divorce in 2010, I never ever wanted to see a credit card again. After paying off debt, my goal is no debt. I use a debit card for cash and a credit card for all purchases. It is paid in full every month.

[JackDidley]

The credit card gives me the option to stop payment on a purchase if I have an issue. It also pays me for using it. I do not pay intrest so it is a total win for me.

[RWebb]

Originally Posted by Deschodt

So much for a clear cut answer ;-) I was was asking from the standpoint of security and protection, and I see no evidence one is greatly superior to the other (other than the potential fraudulent debit that day affecting your balance). My bank detected and covered fraudulent charges on both without me even asking... I'm really all about which one protect the best, might use my CC more now but it's not as clear cut as I'd hoped...

No, a credit card provides significant protections for consumers

just Google the above for the details - one is the $50 limit and for a CC they are mandatory by law

but not required with a debit card

your bank may be good for it or may not, next time...

[wdfifteen]

I have a debit card account and use it as the source $$ for my paypal account and for cash. I keep a few hundred dollars in it. If I’m traveling or want to buy something using PayPal I go on line and transfer some $ from another account to that account. I don’t like to make any serious money vulnerable to PayPal or debit card hackers.

[wdfifteen]

Originally Posted by GH85Carrera

So does my debit card.

My credit union give me 3.5% interest on my checking account if I use the debit card at least 10 times per month, and pay bills online. Online bill pay has no fee, and I save the cost of a 50 cent stamp..

A deal like could be a game changer. Move your dollars from a 2.5% savings account to a checking account that you use only for trusted payments and get 3.5 % interest? I’m in.
Let’s see, my credit card gives me 3.5% for using it and the bank gives me 3.5% for holding the $ until I pay the bill?

[rattlsnak]

For local purchases, I have moved to @90% to using Apple Pay. One click of the side button on my phone and its done. No numbers to get compromised.

[Por_sha911]

Same old story revisited yet again. Bottom line:
When your debit card has no annual fee and pays me 1.5-3% on all my purchases I'll switch.

[mepstein]

I have a couple of each. If one or two accounts are compromised, life goes on.
Also, I sometimes need cash to buy something and it's Sunday or whatever. Debit card at local ATM. 2 of mine and one for my wife and I'm good for 3K. A lot of 20's but when you see a deal...

[JJ 911SC]

Originally Posted by Deschodt

... It brings the Question: what do you guys use most ?...?

Cc all the time, give me cash back but I pay the balance at the end of the month so I (you) don't pay stupid interest on the balance.

Here is a difference, between North and South of the 49th parallel, when I go to NY by the Canadian border, I notice that ~90% of the NY people go pay cash before they fuel, never happened in Canada.

[KFC911]

Originally Posted by mepstein

....
Also, I sometimes need cash to buy something and it's Sunday or whatever. Debit card at local ATM. 2 of mine and one for my wife and I'm good for 3K. A lot of 20's but when you see a deal...

I usually do the "cash back" on a debit purchase to put cash in my pocket....and HATE the machines that spit out 10s instead of 20s (Lowes I think it was). Went to a new ATM the other day for some cash...Franklins appeared...yippee

Just be smart....both are "safe" imo, but like Patrick, I havd one acct that is my "wallet"...if it were totally stolen/drained....no biggie for "me". CCs are putting approx 3% of every purchase into the CC/Banks bottom line (they make a few cents on debit charges)....nothing is free, but they have their place too imo....I just don't use one anymore.

The fraud detection/prevention is quite good now for BOTH imo and I don't lose sleep over it....

In fact...I'm awake at 4 am because I sleep so well

[wayner]

Originally Posted by The Internet Fraudsters association

Thank you all for filling in our public internet survey here on the forums
on how your personal financial management works
so that we don't have to spend so much time figuring it out

-Signed: The Internet fraudsters association.

???

[jwasbury]

Originally Posted by KC911

Your bank or CU is not doing this....VISA does both...service provider role.

^this

Debit or Credit transactions happen over the VISA system. Protection is the same. I've had fraud occur on either CC or DC and the detection, and response has been identical. Funds are immediately restored on the accounts.

I use my debit card a lot. sleep like a baby.

[JJ 911SC]

Originally Posted by jwasbury

... I use my debit card a lot. sleep like a baby.

Me too, ~10K a month. The 2-4% cash back (depending which card I used) is good.

In the last 40 years, I got fraudenlent charge three times (1 Visa & 2 Master Card) and it was refund with no problem.

[beepbeep]

I work in Finance. I rarely use CC (only when I need to pay something work-related). Card fraud is almost nonexistant here. All our cards have chips and PIN-codes. You cannot "swipe" the card and be done with it. Online purchases demand "3D-authentication", so you need to enter PIN code in a special mobile app. This takes away 99.9% of all potential fraud.
Actually, I rarely use cards at all. Contactless pay is all the rage and Apple pay gives you possibility to have many cards in your phone, authenticated by your fingerprint.
And of course, I make sure my debit card is connected to transactional account with enough money to support monthly purchases and not more. That way you can use app that tracks your purchases so you can see graph for your monthly gasoline or food expense.

So no cash, no swiping, no plastic, no monthly CC bills. Fingerprint, ping and you are good. Rarely, I need to break out physical card to fuel my car (my self-service gas station is not contactless yet).