Reply to Debit Card Reward Programs?

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Reply to "Debit Card Reward Programs?"

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[quote=Anonymous]Just a word of warning, be cautious about using debit cards as opposed to credit cards.  While the credit card industry was revisited by the Credit Card Act of 2009, which gave significantly more consumer protections to credit card holders/users, those protections are not extended to debit cards.  Debit card fraud, loss and theft are largely the consumers responsibility and you can be held responsible for a large amount of debt from using a debit card.  You are protected for loss, theft or fraud of your credit card; you are responsible for no more than $50.  However, with debit cards, you are responsible for up to $50 if reported within 48 hours, up to $500 from 48 hours to 60 days and unlimited if you don't report the loss/theft to the bank within 60 days.

So, for example, if you were one of the victims of the Target electronic information breach and someone has your debit card info and uses it sparingly but you don't alert them within 60 days, then suddenly they charge the $10K on your card.  You are stuck paying the whole loss.  With a credit card, that loss is insured and the owner pays no more than $50.[/quote]

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