Using debit as credit?

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Quackzilla

Quackzilla

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Yeah, I got me one of them newfangled "cheack cards" from visa, which unlike a credit card is absolutely FREE.

But I am slightly confused as to how to use it online. Do I just treat it like a credit card?

[edit] I mean debit in the title, I am dead tired, doing homework, and getting ready for work. Make fun of the typo and I will drive to your house a stab you in the eye.
 
How old are you? Seriously?

If it has a Mastercard or Visa logo, you simply use it as that credit card. If it doesn't then you can only use it at sites that allow EFT or those little machines at the checkout that require a pin number.
 
[quote name='Quillion']How old are you? Seriously?

If it has a Mastercard or Visa logo, you simply use it as that credit card. If it doesn't then you can only use it at sites that allow EFT or those little machines at the checkout that require a pin number.[/quote]

:lol:
 
well from experience when you say debit over credit, it takes it out of your checking account quicker than if you just did credit.
 
*makes fun of bedit, dedit, cheack*


it's not free, it draws from your bank account :lol: and to use it online, you enter the 16 digit number on the front. Some sites require the extra 3 numbers in the back too.
 
No friggin way I'd use my check card online - and mine is a Platinum. That is asking for trouble. Get a secured credit card with a $500 limit if you have to.
 
most are debit/credit cards which can be used as either or. When the cashier asks you "credit or debit?" it can be used as either. But they do make just debit cards or some banks call them ATM cards, that can only be used at an ATM or when you can enter a pin #.
 
[quote name='wbc1228']Ahhhhhh.
Credit Cards are FREE!! (At least 99.9876% of them don't charge an annual fee).

Not sure how many times I have said this BUT......
When given a choice between using a credit card vs a debit card, use a CREDIT CARD!
Fatwallet beat the crap out of this topic already.
http://www.fatwallet.com/forums/arcmessageview.php?catid=52&threadid=184463[/quote]

Debit card CAN be good for ppl that have a tendency to spend out of their pay grade. Sure as hell beats that old lady that just has to write an out of state check in the 10-items-or-less line.
 
Plenty of credit cards are free. All of mine have no fees.

I pretty much agree with wbc on this one. Less hassles if your credit card is used fraudulently.
 
[quote name='wageslave']No friggin way I'd use my check card online - and mine is a Platinum. That is asking for trouble. Get a secured credit card with a $500 limit if you have to.[/QUOTE]


Whys that? What sites do you shop at that you fear them taking your debit card number?
 
[quote name='BasketCase1080']Whys that? What sites do you shop at that you fear them taking your debit card number?[/quote]

It depends. I believe Boing Boing, around three or four months back, reported that a company that handles the security side of online payments for a number of notable websites ended up getting hacked and letting the payment info (including credit card numbers and whatnot) for a good number of customers fly free, despite claims of security and whatnot.

So for a few people, even when you know you can trust a website and how they handle their business end and all, you just want that little bit of extra backing when your credit card or debit card gets stolen. Granted, there seem to be a number of debit cards nowadays where you're still protected from fraudulent charges but, even as recently as a few years back, many times you would hear "too bad, so sad, the money's gone" in response to identity theft.
 
[quote name='BasketCase1080']Whys that? What sites do you shop at that you fear them taking your debit card number?[/QUOTE]


If a hacker managed to get a hold of you debit card number (google accidently leaking out card info, a corrupt employee for a website using your card, etc.) and wipe out your checking account. All your other checks will bounce. That will be a pain in the ass to fix and might involve late fees or increase in APR with other companies (mortgage, car payment, credit card companies etc.).
 
[quote name='wbc1228']If a hacker managed to get a hold of you debit card number (google accidently leaking out card info, a corrupt employee for a website using your card, etc.) and wipe out your checking account. All your other checks will bounce. That will be a pain in the ass to fix and might involve late fees or increase in APR with other companies (mortgage, car payment, credit card companies etc.).[/QUOTE]

and you would hae the same ramifications if using a credit card and that same thing happened...
 
Personally, I would recommend not using a debit card. I recently had roughly $1500 worth of charges made on my card by someone in Taiwan. I have no idea how they got my card info, but I never used it for online purchases so it was probably skimmed at a restaurant locally. It was a long, tedious process getting all the overdraft fees refunded even after the original charges were refunded, and I had no money at all for a few days. If you have fraudulent charges on a conventional credit card, at the very least that's not money that's missing from your account while it's being disputed.
 
What would probably be a good idea (if it isn't too expensive or something) is to have a separate checking account just for online purchases that you don't keep much money in. That way you can avoid paying interest for a credit card and still not be fucked if somebody gets your number and empties the account.
 
[quote name='BasketCase1080']and you would hae the same ramifications if using a credit card and that same thing happened...[/QUOTE]

Even if someone steals my credit card, my bank account won't be affected (checks that are written out to mortgage payment, car payment, credit card payment are not affected). Just my credit card would be fucked up. How is it the same?!
 
[quote name='wbc1228']Even if someone steals my credit card, my bank account won't be affected (checks that are written out to mortgage payment, car payment, credit card payment are not affected). Just my credit card would be fucked up. How is it the same?![/quote]

Yeah, that was my problem. I had rent due and I had to borrow money to pay it because my checking account was $1500 overdrawn. That SUCKED!
 
[quote name='wbc1228']Even if someone steals my credit card, my bank account won't be affected (checks that are written out to mortgage payment, car payment, credit card payment are not affected). Just my credit card would be fucked up. How is it the same?![/QUOTE]


wouldnt you still have to pay the credit card bill and then dispute the charges? Im not sure of this.
 
[quote name='BasketCase1080']wouldnt you still have to pay the credit card bill and then dispute the charges? Im not sure of this.[/quote]

No, you shouldn't have to pay the charges while they are being disputed.
 
[quote name='evilmregg']No, you shouldn't have to pay the charges while they are being disputed.[/QUOTE]


hmm, maybe i should look into getting a credit card than. Im in college and am bombarded everyday by credit card letters in the mail, so this shouldnt be a problem. Also, what time of the month do bills come for credit card? Beginning? End? Middle? Im curious... Id always pay the bill off right away so I wouldnt acrue interest owed, but am wondering when to expect an estimated bill.
 
I don't really think what Quack said was crazy. When I first got my debit card (when I was 18) I had no idea, either.

I can promise you, it is not common knowledge to a teenager/young adult.
 
[quote name='BasketCase1080']hmm, maybe i should look into getting a credit card than. Im in college and am bombarded everyday by credit card letters in the mail, so this shouldnt be a problem. Also, what time of the month do bills come for credit card? Beginning? End? Middle? Im curious... Id always pay the bill off right away so I wouldnt acrue interest owed, but am wondering when to expect an estimated bill.[/quote]

Getting a credit card is ridiculously easy. Your first card will have a high interest rate, but since you're planning on paying it off every month, that shouldn't be an issue. The billing period of a credit card usually depends on whenever it was activated. It works on 30-day cycles from then on.
 
It can depend on your institution for your debit card.

I know Visa debit cards will only hold you accountable for $50 if someone empties your account. Assuming, they're contacted (Visa and the institution) within the first 24 hours. Otherwise, be prepared to go through the motions.
 
im trying to avoid using my credit cards while i pay them off so i use my dabit cards daily and online when i need something..

plus its convenient to use it at a walgreens or 7 11 where you can also withdrawal money when using the card... beats paying atm charges..

maybe when i have allot of money in my account, i will be more cautios about using it
 
[quote name='terribledeli']It can depend on your institution for your debit card.

I know Visa debit cards will only hold you accountable for $50 if someone empties your account. Assuming, they're contacted (Visa and the institution) within the first 24 hours. Otherwise, be prepared to go through the motions.[/quote]
They actually changed that policy in 2000, you're not liable for anything and aren't required to contact within 48 hours ($50 liability if contacted within 48 hours used to be the policy). At least that's what they have on their site: http://www.usa.visa.com/personal/security/visa_security_program/zero_liability.html

The only requirement is that it's a transaction over the visa network (obviously it does't work if you use your PIN as a debit, I dunno if there are more complications like you can use it as a credit not over their network somehow).
 
When I first tried for a credit card I couldn't get one on my own, so it does happen. My dad had to cosign with me on my first one.

Running a balance month to month on a credit card is something you want to avoid at all costs, IMO.

basketcase - the time of month the bill comes would vary/be random AFAIK. It will come at the same time of the month once you start up. Though I think I have also heard that some CCs start sending your next bill earlier if you pay straight off. I haven't seen that in my own experience. Some banks might work with you if you called and asked to be billed on a certain day - not sure. Read the FW thread wbc linked to for some good info on the differences between CCs and debits. Basically his scenario is exactly what I was refering to when I said 'less hassles if your CC is used fraudulently.'
 
Using a debit card that is tied to your bank account for online purchases is pretty dumb, no offense.. If you card number gets jacked and someone decideds to drain you bank account, you will be waiting a very long time for the situation to get corrected.. A regular credit card on the other hand is always your best bet for purchasing online because if someone does hijack your info, you can call your credit card company, dispute the charge and the disputed amount is not held against you UNTIL the credit card company does thier investigation, if they rule in your favor, they wont charge you but if they feel or think you are trying to scam them, they will hold you responsible for the amount of the dispute...
 
My bank is US Bank. If I use my card as credit, it is all good. If I use it as debit, then I get charged 50 cents. The only time I use debit is when I need cash back.
 
[quote name='Quackzilla']Yeah, I got me one of them newfangled "cheack cards" from visa, which unlike a credit card is absolutely FREE.

But I am slightly confused as to how to use it online. Do I just treat it like a credit card?

[edit] I mean dedit in the title, I am dead tired, doing homework, and getting ready for work. Make fun of the typo and I will drive to your house a stab you in the eye.[/quote]

Yes, your debit card is a credit card, you just don't have a credit.

Personally, i would not use a creditcard or getting one, because it could be your personal death trap.
But living in america, where everything is purchased with a creditcard, its kinda weird not to use one.

You might want to check your disclaimer from your bank, to see whats covert or not, if fraud happens.
 
[quote name='yester']Yes, your debit card is a credit card, you just don't have a credit.

Personally, i would not use a creditcard or getting one, because it could be your personal death trap.
But living in america, where everything is purchased with a creditcard, its kinda weird not to use one.

You might want to check your disclaimer from your bank, to see whats covert or not, if fraud happens.[/QUOTE]

Ahh...
No, it just a debit card with a visa logo on it (you can process it thru visa as a credit, but it is still a debit card). You won't be able to build credit with a debit card (or have any of the other advantages associated with a credit card). It is good idea to start building your credit history early. That way, when you do want to buy a house or car one day, you'll get the best interest rate that you can. Also, once you have applied for a credit card, do NOT ever cancel it. It will hurt your credit score (I learned that the hard way). People need to learn how to managed their money. Attempting to avoid this problem by not applying for a credit card is not the ideal solution.
 
It's better to get a credit card, as long as you're responsible about making payments regularly since you'll build a solid credit rating which will help later when you need to make a big purchase like a house for example. Having a good credit rating is better than having no credit rating at all. Anyway, I use credit cards all the time since it itemizes everything on one bill and I can pay it off with a single payment.

Edit: Didn't realize the above poster said exactly the same thing I did.
 
One question about Cash Advance Fees...

When I use my credit card at a local store like Walgreens or something, and if they ask if I want Cash Back, do I get a fee for this if I do get cash back? Never really understood getting cash from credit cards.
 
you can also link a credit card to your debit account to cover for overdrafts. I have chase and they're pretty good about reversing overdraft charges.
You can use the card like a credit card, as in you can go over your DEBIT balance. But you better have to money to make up for it.
Also VISA is gonna call you about that contest too many times to count. I just turned 18 last august and was going through the same questions you are.
EDIT: Also remember, never apply for too many credit cards at once. I was almost accepted for one from Chase, and I was told I had too many attempts on my name in a short time. Because if you do, you have to wait about 3-6 months before you can apply again.
 
[quote name='wbc1228']Ahh...
No, it just a debit card with a visa logo on it (you can process it thru visa as a credit, but it is still a debit card). You won't be able to build credit with a debit card (or have any of the other advantages associated with a credit card). It is good idea to start building your credit history early. That way, when you do want to buy a house or car one day, you'll get the best interest rate that you can. Also, once you have applied for a credit card, do NOT ever cancel it. It will hurt your credit score (I learned that the hard way). People need to learn how to managed their money. Attempting to avoid this problem by not applying for a credit card is not the ideal solution.[/quote]

Well, thats true. But i did not say that i don't have one.
The main reason, you want to have a creditcard, is for building a credit of course.
Otherwise you really don't need one. The interest rates are pretty steep this days and if goes out of control, these leeches suck you out.
Almost everything could be purchased with a debidcard. The only real thing, where you need one, is if you want to rent a car.

And yes, people have to learn to use the creditcards. I believe most people (well, yes, thats an assumption) live over their expenses.
Still, i stick to my answer, that you almost never really need one. But one you should have, for time when you really need it.
 
One of the benefits of prepaid debit cards is that it will surely limit your exposure on fraud, as we all know identity theft and fraud are on the rise which is resulted from a stolen card numbers and when it happens you will surely have thousands of dollars debts while your prepaid debit card will not have many debts for the reason that it has only less exposure from thief because the amount on your debit card is just enough and limited.
 
I never use my debit card, except at ATM's when I'm pulling out cold, hard cash. I use my credit cards for EVERYTHING. Like everyone mentioned already, credit > debit. Debit cards pull money directly out of your account, but if you decide to swipe your debit card as credit, it will pull out the cash a couple days later. Typically, I recommend everyone to use a credit card because the benefits are much better; but as mentioned before again, if you're not a very good money manager, stick with debit. My roommate got his first credit card once back in freshman year, and he maxed out his $1600 limit in a month. Wasn't able to pay it off all at once so hella interest accrued. Finally, his mother had to bail him out.. boy, she was not a happy camper. Anyway.. don't know where I'm going with this. If you don't have a credit card yet, try to get a student cash card or something. Usually a low limit, so you won't go into too much debt even if you decide to go spending crazy for a weekend. I typically just use my Amex miles card.. because I like getting free flights to and from home.
 
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