Who has gotten rid of debit cards?

[Katsmeow]

I recently used a debit card. I was buying hair color (to be applied by me) from my hairdresser and to do it all online I had to use a debit card. So, I dug it out and used it.

 

[audreyh1]

Online use of debit cards don’t generally require a PIN. They require expiration date and CCV just like credit cards.

 

[Texas Proud]

As a single woman in the early 80s, I got a bank card in my own name, by getting an account at that bank and paying a fee (I think it was $29 a year). So I don't know who "they" were who dissed you like that, but I didn't have to get married to get a CC. And boy was I glad to ditch that $##! checkbook at the point of sale. It was also nice not to have to go to the airport and pay cash to buy an airplane ticket.

I was an under 25 male then and I only got a CC from the bank because of my job... had to open a checking account and have the paycheck deposited there automatically.... and they TOLD me that... a whopping $300 of credit...


Took me less than a year to get other credit...

 

[Texas Proud]

https://www.consumer.ftc.gov/articles/0213-lost-or-stolen-credit-atm-and-debit-cards

Based on this article from the FTC, as long as you report the debit card as stolen your liability is limited. Max out of pocket if you report it within 60 days is $500. I think i would notice within 60 days if it were to be gone

But read the next line... UNLIMITED.... with a CC the max is $50 no matter what...


Sure, you should notice in 60 days but why have something that can lead to more IF you do not do anything... a ticking time bomb IMO...

 

[FANOFJESUS]

I used them for awhile no problems. I like that the money came right out of the checking account. No bill to pay or be late with. The only things is it would be wise to get two checking accounts if they shut down one to work out a problem.

 

[2177V]

My only debit card is a Target debit card which I get 5% back on every Target purchase. My credit cards give me rebates of 1%, 2%, 3% using a Citibank at Costco. I get 5% rebate at Amazon.com using my Amazon credit card. I have been so spoiled that I refused to use a credit card or a debit card from a bank without a rebate.


I do not pay cash for most things because I do not get a rebate.

 

[Mr._Graybeard]

DW and I keep a small checking account with a debit card that pays ATM transaction fees. We use it a lot when traveling, as it's easier and safer than toting around a wad of cash.

Unfortunately, we haven't been traveling much this year, so the account has been dormant probably since October 2019. I tried to use the card at an ATM over the weekend and it had been deactivated. I had to call the bank yesterday to get them to issue us new cards.

 

[2retireearly]

Like the others...i use my ATM/debit card for ATM only. I have never, nor would ever want to use my Debit card for purchases. Very risky...I pay my Credit card off faithfully every month.

 

[carty1]

I think usually when you use a credit card to get cash you start paying interest from that day, regardless of when you pay the bill. That's the main reason for using a debit card instead at the ATM.

Correct. Gotta have a debit card for that purpose alone.

 

[Brat]

I have virtually stopped using cash except for gifts. Chase tried issuing my husband a debit card when we expressly requested an ATM card. I threw a hissy-fit at the branch, they tried to tell me that it was the same and that they don't provide ATM cards anymore. I almost told them that we would close the account but somehow they managed to send DH an ATM card.

 

[2retireearly]

Correct. Gotta have a debit card for that purpose alone.

Or as I refer to it, my ATM card. I would never take cash from a credit card. That is a cash advance loan with a huge, daily interest..

 

[audreyh1]

Several banks give us the option of locking our debit card.

 

[rk911]

Correct. Gotta have a debit card for that purpose alone.

not with a Discover Card when you get cash back with a purchase. when we're on an RV trip we usually replenish or cash when getting groceries. that's usually limited to $60 but we're in stores often enough making that limit irrelevent. Discover treats that cash back as part of the purchase. and in the rare case we need cash from a bank ATM using our bank's debit card our bank refunds all foreign bank ATM charges.

 

[samm]

Does anyone use the HSA Debit card for medical expenses?

I keep & use debit cards for
- HSA eligible purchases
- Buying groceries at stores that are debit-card-only
- Buying gas, saving 5 cents per gallon
- Getting cash back at Krogers/Target

 

[Amethyst]

Probably I already was doing that to get free checking.

The only real issue I had with sexism in banking, was when I bought my first house. I applied for my loan through the real estate agent instead of going into a bank, and since I was an ideal customer, with a down payment, sufficient salary, savings, no debt, excellent credit and a unisex name that could easily have been male, there were no hiccups getting that 13.75% loan (groan).

But when I called the bank, about 3 weeks in, to find out the closing date, and they heard a young woman's voice, the next thing was a call back saying I needed a co-signer. The bank suggested "your father," which was not only sexist but futile. My dad wouldn't have cosigned a loan for Jesus himself.

I was an under 25 male then and I only got a CC from the bank because of my job... had to open a checking account and have the paycheck deposited there automatically.... and they TOLD me that... a whopping $300 of credit...


Took me less than a year to get other credit...

 

[Mr._Graybeard]

Probably I already was doing that to get free checking.

The only real issue I had with sexism in banking, was when I bought my first house. I applied for my loan through the real estate agent instead of going into a bank, and since I was an ideal customer, with a down payment, sufficient salary, savings, no debt, excellent credit and a unisex name that could easily have been male, there were no hiccups getting that 13.75% loan (groan).

But when I called the bank, about 3 weeks in, to find out the closing date, and they heard a young woman's voice, the next thing was a call back saying I needed a co-signer. The bank suggested "your father," which was not only sexist but futile. My dad wouldn't have cosigned a loan for Jesus himself.

This happened to my mother when she bought a duplex in Chicago just after WW2. She had to get a man (male lawyer) to represent her in the purchase. I saw the legal paperwork, and it described her as "spinster." She was 30 years old.

Obviously your transaction occurred perhaps 35 years later (I'm guessing).

 

[Markola]

We have a chipped debit card. It has to be used with a pin number.
I have notifications from the bank set on the lowest settings.

We have never had any problems with it.

+1. We’ve found debit cards very convenient to use for years and years and haven’t had any issues. Ours, too, have security chips.

 

[jazz4cash]

My only debit card is a Target debit card which I get 5% back on every Target purchase. My credit cards give me rebates of 1%, 2%, 3% using a Citibank at Costco. I get 5% rebate at Amazon.com using my Amazon credit card. I have been so spoiled that I refused to use a credit card or a debit card from a bank without a rebate.


I do not pay cash for most things because I do not get a rebate.

I never knew you could have a debit card for a specific store. I have the Target RedCard Credit Card. It pays 5% I originally chose credit vs debit for the free float. Can’t stand having money tied up in a checking account @0%. Never had a problem with overspending even though I’m sure using CC means as I spend more but now the cashback cards seal the deal for me. Free float plus cashback means credit is cheaper than cash.

 

[steady saver]

I've never used a debit card. I was issued one once, but never bothered to set up a pin number. I just never saw a need for one. It was one more thing to keep up with...

 

[Paulz]

I am considering stopping using debit cards, for reasons of security mostly.

Anyone else do this? ... thoughts or opinions

Thx

Never stopped using them as I never started. Makes absolutely no sense to use a debit card unless you have absolutely zero self control when it comes to money.

Besides the lack of protection, why give the banks your money immediately when they are willing to lend it to you for 30 days for free? Add on all the bennies such as cash back or points, buyer protection (one of my cards gives me the same as apple care for 5 phones for free!).

 

[Paulz]

As far as how long it would take Schwab to credit the money back, I'll assert that neither you nor I know that answer. Worst case I guess I might transfer $$ from one of the investment accounts to the checking account but I do that every few months anyway.

.

I wonder about lost opportunity costs. What is 2%-5% of your monthly purchases? I pay for a pretty nice Christmas just from cash back over the year.

I read stories like this and wish I had my own business to take it to the next step! https://www.businessinsider.com/per...ash-back-credit-cards-to-grow-business-2019-7

 

[Paulz]

For grins, I just ran a Google search for "debit card fraud" and five pages of hits produced no evidence, zero, that debit card fraud is an issue. I got page after page of the usual simpleminded "be careful" advice from banks and credit unions, a couple of fraud anecdotes including one in England, and a smattering of pages by people whose income derives from stoking fears about debit cards. One link was to a story about a software glitch at Santander bank that allowed holders of a specific kind of debit card to commit fraud but all of that just cost the bank. No ordinary customers were harmed.

Wow! I ran the same search and found page after page of ordinary people who had issues. Here is just one of them:

Better run that search again!

 

[Buckeye]

I keep & use debit cards for
- HSA eligible purchases
- Buying groceries at stores that are debit-card-only
- Buying gas, saving 5 cents per gallon
- Getting cash back at Krogers/Target

You are brave to use a debit card at a gas station unless you always go inside to pay. Too many skimmers out there!

 

[Dtail]

You are brave to use a debit card at a gas station unless you always go inside to pay. Too many skimmers out there!

Agree. The gas station is a hot spot for card fraud. One can get a 5 cent discount using a Shell only card (not a Shell credit card) in conjunction with your regular credit card.

 

[Dtail]

2 credit cards of mine just got hacked in the last week.
On the first one, BOA promptly gave me a credit. I believe I have a good idea on where the fraud was initiated, but BOA would not tell me.
On the second one, BOA declined a charge and sent me a text, so that card also has to be replaced.
Just another reason why I won't use a debit card except BOA ATM transactions.