I never took on a credit card. Pay with cash, over and done once at the time of purchase. No fussing about stolen card info, or worries of compromised accounts.
Simple and elegant and also lends itself to spending less and saving more.
I used to work for a giant blue bank. Disregard the rest of this if you don’t live in the US. Consumer Credit cards are required by US law to have fraud protection. And very specific rules for that protection as well. Debit cards the laws are much more loose and kind of up to the banks descretion.
It’s been many years but when I worked there anything claimed as fraud, the bank was required to issue a credit for the time of the investigation. The investigation could last no longer than 90 days. If the investigation was not closed within 90 days, the bank essentially has to classify it as fraud and the customer is not responsible and kept the credit. If they determine it’s not fraud there’s an entire appeal process where the bank has to show solid evidence that it’s not fraud.
At the time of me working there, there was zero law on how long a debit/checking fraud claim could last. Banks were not legally required to issue a credit during the investigation (most do because they don’t want to piss off their customers) and there were no laws on appeals, essentially the bank can say “it’s fraud because we said so.” And that’s that.
Again it’s been awhile, these things may have changed. But that’s exactly why I only use a credit card, and I pay it off in full every month. Essentially, I treat my credit card as a debit card.
I have a credit card purely for credit score. Im also a huge impulse buyer so my cap is $250. Ill never raise that cap because its pretty hard to screw yourself with, meanwhile all my coworkers talk about their thousands of dollars of credit card debt…
The ability to get the things you want now is not worth the very likely future of debt, nomatter how good you are with impulse buying
I never took on a credit card. Pay with cash, over and done once at the time of purchase. No fussing about stolen card info, or worries of compromised accounts.
Simple and elegant and also lends itself to spending less and saving more.
I used to work for a giant blue bank. Disregard the rest of this if you don’t live in the US. Consumer Credit cards are required by US law to have fraud protection. And very specific rules for that protection as well. Debit cards the laws are much more loose and kind of up to the banks descretion.
It’s been many years but when I worked there anything claimed as fraud, the bank was required to issue a credit for the time of the investigation. The investigation could last no longer than 90 days. If the investigation was not closed within 90 days, the bank essentially has to classify it as fraud and the customer is not responsible and kept the credit. If they determine it’s not fraud there’s an entire appeal process where the bank has to show solid evidence that it’s not fraud.
At the time of me working there, there was zero law on how long a debit/checking fraud claim could last. Banks were not legally required to issue a credit during the investigation (most do because they don’t want to piss off their customers) and there were no laws on appeals, essentially the bank can say “it’s fraud because we said so.” And that’s that.
Again it’s been awhile, these things may have changed. But that’s exactly why I only use a credit card, and I pay it off in full every month. Essentially, I treat my credit card as a debit card.
Yup I do this too. The bank only cares if it’s their money.
I have a credit card purely for credit score. Im also a huge impulse buyer so my cap is $250. Ill never raise that cap because its pretty hard to screw yourself with, meanwhile all my coworkers talk about their thousands of dollars of credit card debt…
The ability to get the things you want now is not worth the very likely future of debt, nomatter how good you are with impulse buying