Are there risks involved in using prepaid debit cards?
Many people use scare tactics to scare you off from
using prepaid debit cards by saying debit cards are not as safe
to use as credit cards and that prepaid debit cards are risky.
I
think that some people associated with credit companies
would much rather see you and me up to our eyeballs in
debt and indebted to creditors rather than see us
debt-free and using our own money to buy the things we
need.
I think that you have to exercise as much caution
and common sense when you are handling your debit card
as you would if you were handling a credit card.
The following are some of the criticisms or what I
call "myths" about debit cards that critics
often levy against the use of debit cards:
Myth#1: Debit Cards Put Consumers At Greater
Risk
Because the money for debit card purchases is
transferred almost immediately from your bank account to
the merchant’s account, advocates for the credit card
industry urge that this puts the consumer at greater
risk.
While this may be true, a solution to this is for
you to choose a PIN-based debit card because with a
PIN-based debit card you have to know the PIN number in
order to make a purchase. While on the other hand, with
a signature-based debit card, anyone can pick up your
card and use it.
Myth #2: You Have No Protection If Your Card is
Stolen
Another criticism made against prepaid debit cards is that
consumers don’t have the same protection with prepaid debit
cards as they do with credit cards if a thief decides to
make unauthorized purchases with your card.
However, in
a voluntary move many debit card issuers have stepped
forward and capped consumer liability on unauthorized
purchases at $50 if the consumer acts quickly to report
their card stolen to their debit card company.
This is
the same protection that is afforded credit card
customers. In many cases, if you wait 60 days or more to
report your debit card stolen you may be responsible for
the purchases that the thief made with your debit card.
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Myth #3: You're Not Protected If You Have To
Return Merchandise
Debit card critics say that getting a refund may also
present a problem for debit card users. They say that
because many merchants treat debit card purchases as
they would a personal check or cash, you may end up not
being able to return merchandise you are unhappy with.
When you make a purchase with a credit card you have the
option of withholding payment if you are unhappy with an
item. This, however, may not apply to debit card
purchases.
I have had prepaid debit cards for many years and I have never
encountered this problem. I’ve found that it may take
some time but merchants do work with you as long as you
have your receipt.
If there really are risk factors involved with using
debit cards, many of them can be avoided by following a
few very basic safety precautions.
Debit Card Safety Tips
-
Report lost or stolen debit cards immediately to
your card issuer.
-
Keep your receipts in a safe place for purchases
that you made with a debit card in the event you
need to return or exchange merchandise.
-
Memorize your PIN number. Do not keep your PIN
number with your card. Also, use a PIN number that
would be hard to figure out if someone got a hold of
your card.
-
Know how much you have in your account so that you
can know if unauthorized debits are made.
-
Check your statements as soon as they are
available. Remember, your card may be in your wallet
but unauthorized purchases can still be made if a
thief has stolen your debit card details from a
receipt or elsewhere.
-
Write your debit card details down in a safe place
– include the number, expiration date, and any
other important information. Then, if your card is
lost or stolen you will have all the information you
need to report to your card issuer. Do not keep this
information in your wallet.
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