Debit card fraud

[Rustic23]

I'm using BBVA's Clearspend.

Here is the link to there terms and conditions.
https://www.bbvacompass.com/disclosu...isclosures.jsp

I went with them because it was easy and other than a small, I think $5 setup fee, there are no fees. I have a small auto transfer from USAA to the account each month. If the account builds I use a BBVA atm and draw it down. It just depends on our travel and gas price. After our west coast trip I used it at several stores in the local area to draw the balance down.

The card acts like a Debit card with pin, but also functions as a credit card without pin. I stay away from the credit end as it puts a hold on funds until transaction clears. Debit no hold.

There is a Foreign Transaction Fee:

10. Foreign Transactions. All debits to your Card will be posted in U. S. dollars. Card transactions made in a foreign currency are converted to U. S. dollar amounts by Visa, using the then current currency conversion procedure and rate. Currently, the currency conversion rate is either a wholesale market rate or a government-mandated rate in effect the day before the transaction processing date. For each Foreign Transaction you will be charged a Foreign Transaction fee equal to 3% of the transaction amount. This Foreign Transaction fee will be posted as a separate item on your card transaction history. This fee will be charged whether or not there is a currency conversion in connection with the Foreign Transaction.

[gauss]

Quote:

Originally Posted by audreyh1 Provider? I've been interested in something like this depending on foreign transaction fees.

Mango Money (currently) Visa branded is a useful card. I earn about ~25/month on the card via a net ~5% Interest Savings account (up to 5000) associated with the card.

The one limit is that I need to deposit $500/month to the card which I do via EFT/ACH transfer from a local bank savings account.

As far as spending, I don't actually spend hardly anything on the card. I do a monthly "over the counter" advance from the Mango card back to my bank account.

Unfortunately the web site shows a 2% foreign transaction fee -- so this may not be the card for you.

It works well for me. YMMV

-gauss

[sengsational]

I think the days of skimmers are coming to a close; an old non-chip card replicated from a skim is easy for a thief to use, but a chip-based card can't be easily replicated.

Also, I like to remind people that just because you are able to get your money back for specific fraudulent transactions doesn't mean you haven't been and aren't paying for this fraud (in small amounts every time you buy something). So we all should welcome more secure methods, not only because it reduces the hassle factor of getting hacked, but also reduces the transaction cost overhead.

[brett]

We never use our debit card. The credit card that we use for travel is a credit card only and is not linked to our financial institution.

[Lsbcal]

Quote:

Originally Posted by Lsbcal I get some interest too, but I have to have 12 debits/mo and 1 ACH. Am thinking maybe I'll just drop the sum in the account and go with less cash available. At least until rates rise more to make this worthwhile.

Well, my last debit card transaction was Oct 21. Starting November I decided to stop using this card as per my previous post.

Interestingly I just got a call from Mastercard. There were 2 small transactions in Mexico on our card number. Both were declined by Mastercard. This is the nail in the coffin for my use of debit cards in the future. I'll only use them for cash (at a bank terminal) when out of the USA.