Why I Would Stay Away from Debit Cards! - Prudent Money Show - 07/12/17

Bob explains why a credit card is a much safer payment option than a debit card

Why I Would Stay Away from Debit Cards!

Bob explains why a credit card is a much safer payment option than a debit card

Bob, You should start a running article about the best Credit Cards and update it as you find best deals. I would also like to hear from other members about their experiences.

@liberty the challenge is that the fine print has become so anti-consumer it is tough to find one that I would recommend. There really is only one I would recommend. Anything with the Pentagon Federal Credit Union www.penfed.org - they have a little better terms, The fine print today is worst than it has ever been. Also American Express is always top on the list.

I don't carry my debit card and only get it out to get cash from the local ATM. My daughter had her debit card stolen from her purse at work and didn't discover it missing for a week. Needless to say her bank account was emptied out by the suspect and because the charges were made before she reported it missing/stolen she was liable for it. Don't use Debit Cards to charge with or routinely carry. Also, be sure your credit card has the fraud protection you believe it has. Some that pay high benefits/cash don't offer the same level of protection as others such as Chase Freedom compared to Chase Freedom Unlimited; the protection level is different.

@Josephc I am the same way. I only use it at ATM machines. However, after seeing that video I am only going to use it at select ATM machines. I am sure that it is difficult to set up one of those skimmers in a high traffic area.

Not as difficult as you might think since I am aware of at least one found on a gas pump that was in a very high traffic area locally.

@josephC that is not good - I have always said that you have to watch your accounts like a hawk. It is to bad we are in an environment where you have to be so proactive.

Perhaps only use ATMs that are at your home bank's property?

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