Comments on: Protect Yourself From Identity Theft – Use Your Debit Card

By: Debit or Credit? Do you know the right answer?

Debit or Credit? Do you know the right answer? — Tue, 18 Sep 2007 19:24:53 +0000

[...] you know you could be protecting yourself against identity theft just by chosing the debit option instead of [...]

By: Erik

Erik — Wed, 29 Aug 2007 15:15:14 +0000

It’s not that you’ll have a problem saying “credit”, but I know that the exposure to identity theft for credit transactions is much higher than when using a debit transaction.

Dimes, yes…you are correct that it costs more money for the banks as a debit purchase, but they charge companies MUCH more for credit transactions. Do you agree that they would much rather hit up the large companies with deep pockets for money than the consumer. They definitely aren’t shy with hitting up fees to the consumer, but they would much rather get the corporations.

And your comment on overdrafting is silly. If you’re responsible with your money and you balance your account regularly, you’ll never have to worry about overdraft fees. I would hope that most people know whether or not they have $100 in their account before they use their debit card to purchase a $125 dollar item.

Also, Visa debit cards carry all of the same benefits that any other Visa card does. This is a big myth about debit cards. Go onto Visa.com and read the disclosure for all of the debit cards that they issue. You are not responsible for any unlawful transactions made with your debit card just like a credit card.

By: What I’ve Missed-Blog Round-Up at MoneyDork.com

What I’ve Missed-Blog Round-Up at MoneyDork.com — Wed, 29 Aug 2007 13:10:52 +0000

[...] MoneyCrashers posts about using a debit card to protect from ID theft. [...]

By: Eric

Eric — Wed, 29 Aug 2007 12:59:03 +0000

I, personally, use my debit card (as a credit card) for all of my purchases. I’ve yet to have a problem.

By: dimes

dimes — Tue, 28 Aug 2007 21:00:42 +0000

This post doesn’t make any sense on either of its points. First of all, you’re confusing cause with effect in the first point (as in, people who commit identity theft tend to use credit transactions, which does not have anything to do with your own decision to use credit or debit). As of December 6, 2006, it is unlawful for more than the last five digits of a credit card number to be displayed on a receipt (for more details, google FACTA). If you see one, report them.
Also, using debit might save the merchant money, but it costs the bank money, and guess who the bank will pass the charges on to? Some banks charge a standard fee for debit transactions, and some just don’t permit the capability altogether. Aside from that, by creating a debit transaction, you expose yourself to far greater dangers such as overdraft fees, and a lack of recourse if you find fault with a purchased product. Debit transactions are not protected under FCRA.