Debit Cards Lack Protections Of Credit Cards

November 28, 2004 07:18 AM

Debit Cards Lack Protections Of Credit Cards

Excerpt: Debit cards, such as the Visa Check Card and MasterCard Money, are linked to a cardholder's checking account and can be used to make purchases just about anywhere credit cards are accepted. But don't let the word "Visa" on the front of the card fool you. You don't have the same consumer protections with a debit card as you do with a credit card. It's not even close.

When you're making a big purchase, think twice about using a debit card in place of a credit card.

If something goes wrong, you may have a tough time getting your money back with a debit card, if you get the money back at all.

Or, because many merchants treat a debit card purchase as they would a personal check or cash, you may get stuck with several hundred dollars in store credit instead of a refund.

Debit cards, such as the Visa Check Card and MasterCard Money, are linked to a cardholder's checking account and can be used to make purchases just about anywhere credit cards are accepted.

But don't let the word "Visa" on the front of the card fool you. You don't have the same consumer protections with a debit card as you do with a credit card. It's not even close.

READ FULL STORY ...

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Read all 22 posts in the same category of Banking:

Going Online To Balance Family Budget - Feb 17, 2005
Banks Speed Process For Opening Online Accounts - Feb 04, 2005
Online Banks Are Boosting Yields - Jan 15, 2005
Online Banks Are Boosting Yields - Jan 15, 2005
Momentum Is Gaining for Cellphones as Credit Cards - Jan 10, 2005
Rebels With A Cause, And A Business Plan - Jan 01, 2005
Banks Boost Customer Incentives, But Rates on Savings Remain Low - Dec 27, 2004
Online Bill Paying: How To Get Started - Dec 27, 2004
Banks Test ID Device for Online Security - Dec 24, 2004
Paper Checks Going Bye-Bye? - Dec 08, 2004
Check It Out: Incentives to Pay Bills Online - Dec 07, 2004
'Gift Cards' May Come Loaded With Fees - Nov 29, 2004
Where To Keep Your Rainy Day Fund - Nov 29, 2004
What's Your Bill-Paying Personality? - Nov 28, 2004
A New Era In Banking Begins - Nov 25, 2004
Automatic Debit Scams - Nov 22, 2004
Bank Accounts Fail To Follow Fed's Lead - Nov 12, 2004
ChexSystems Puts Him In Penalty Box - Nov 09, 2004
"Check 21" Starting in Late October - Nov 03, 2004
Gift Cards 04 - Nov 03, 2004
Save Electronic Checks for Your Taxes - Nov 01, 2004

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