Anonymous wrote:

Anonymous wrote:I have the Target Red Card credit card. Pay it off every month (along with all of my cards) and don't carry a balance. I love the fact that I can return things without a receipt, get 5% off, and get free shipping ordering off the web-site.

That said, be very careful about the debit card. Due to the recent credit card protection laws, you are very well protected from fraud and identity theft on your credit cards. You can be held responsible for up to $50 of loss from credit fraud and most of the time they'll wipe it off your account without costing you a cent. With a debit card you have very little protection. You are fully protected if you report the fraud or loss immediately. You can be held responsible for up to $50 loss if you report with 48 hours. You can be held responsible for up to $500 if you report between 2-60 days after loss. And you will be fully responsible for an unlimited amount if you fail to notify your institution within 60 days. So, if you only check your debit card balances and transactions once per month or even once per week, you are likely to be responsible for up to $500 loss. When the Fed reviewed the credit card laws they explicitly excluded debit cards and there is very little protection for loss from debit cards.

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