Online purchases with a debit card are simple. You enter your card information and BAM, your cat-scratching post is on it’s way! And with a debit card, the money is immediately taken from your bank account, so you don’t need to worry about spending money you don’t have. However, using a debit card might not be the best option for paying online.
Here’s why using a credit card vs debit card to pay online is your best option:
Credit Card vs Debit Card
Though paying with a debit card or credit card seem exactly the same when it comes to online purchases, there’s one big difference: how they handle fraud. When using a debit card online it’s important to remember that you are spending YOUR money. On the other hand, when spending on a credit card, you are spending THIER money. Which you, of course, have to pay back eventually.
Let’s say the debit card that you use online is compromised. Maybe you were a victim of a phishing scam. The debit card details are stolen and someone is making fraudulent purchases with it. In this case, you are protected by the Electronic Funds Transfer Act (EFTA). The EFTA will give you 60 days to report these transactions, in which you will have a $500 liability limit. But after those 60 days, you have NO protection whatsoever. Ouch!
Now, let’s say the same thing happens with your credit card. In this particular case, you are protected under the Fair Credit Billing Act (FCBA). With the FCBA, the maximum liability is $50 after transactions have occurred. So worst-case-scenario, you might be forking out $50. A lot better than being completely liable yourself!
Regardless what type of card you are using, make sure you are protected online when entering valuable information like billing details. Connecting to a VPN can help prevent prying eyes from accessing your internet traffic and grabbing important information.
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