Current Events > So I guess you can get cash back on debit cards now?

(+) Yeah! (+)

I was just reading about upgrade and I guess they have a checking account that provides up to 2% back. I don't think I've seen anything like that before.

Still probably won't stop using my credit card because it has better security in terms of chargebacks and whatnot, but still interesting.

Don't ignore me senpai

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Read the sentence again.

inloveanddeath0 posted...

Don't ignore me senpai

lmao

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Oh I said I'd rather keep using my credit card because it has better security.

Chargebacks is just another layer of benefit with a credit card over debit card.

Never had a bank card do that. But I do get all ATM fees payed back.

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It's easier to get the money back if something goes awry with a credit card, that's all I'm trying to convey.

Debit cards are riskier because if it's compromised you're getting money in your checking account stuck in limbo. My ex had over 1k stolen from her checking account via debit card. Her bank made her wait 90 days to get the money back.

ExtremeLuchador posted...

Debit cards are riskier because if it's compromised you're getting money in your checking account stuck in limbo. My ex had over 1k stolen from her checking account via debit card. Her bank made her wait 90 days to get the money back.

Yeah I try to use my debit card only when a credit card isn't accepted, which is pretty rare but does happen on occasion.

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The difference there is that if money is stolen from an account tied to your debit card, its your money being stolen. You then have to take action to get your money back. If someone steals money from a credit card account, theyre stealing the banks money. Youre taking action in this case to let the bank know that someone stole their money.

Amex is doing this for their checking account. Invite-only I think.

modena posted...

Never had a bank card do that. But I do get all ATM fees payed back.

Yeah from what I read they will rebate up to two ATM fees per month on this Upgrade account, which isn't fantastic or anything. I'd rather they team up with Allpoint or something to provide ATM access.

I used to have a Fidelity account that had a benefit where they would refund all ATM fees, even internationally.

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Yeah, but $2k, or any amount really, being stolen at the wrong time for many people is disastrous. On a credit card, its meaningless to the end user. If you have a bill due and you dont have that $2k for 2 days that you were expecting to have, that can hurt your credit, which has long lasting effects.

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Again, the difference is your money being stolen vs the banks money being stolen. Thats a pretty major difference. If your credit card is stolen, you can use the digital version of the new card while youre waiting for the physical card to come in.

Starks posted...

Amex is doing this for their checking account. Invite-only I think.

That's interesting, I used to have an Amex card, not anymore. I found it provided the best rewards out of any credit card I had when they were applicable, but it was one of those cards I couldn't actually rely on because so many merchants straight up declined to take it compared to Visa or Mastercard. I mean it didn't happen all the time, but it was often enough that I noticed.

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It has everything to do with the security of your money. A credit card acts as a buffer between merchants, thieves, and your money.

Using a credit card: Money source > checking account/savings account -> Credit account -> Merchant / Thief

Using a debit card: Money source > Checking/savings -> Merchant/thief.

Again, just using your example of $2k lost for 2 days:

The majority of people in the US live paycheck to paycheck. That means missing one paycheck or money missing unexpectedly can cause late payments on one or more bills. Person A has $2005 in their checking account and $2000 gets stolen on the 14th. If your mortgage is $1500, you obviously cant pay that with $5. If theyre expecting to use that to pay a bill like a mortgage or a credit card payment thats due on the 15th, then they just wont have that money and will have to make a late payment. Not only does that hurt your credit, you can incur late fees as well. Itll take 7 years for that late payment to fall off of your credit report in the US, and its obviously now more expensive since youre incurring late fees. Youre also paying more interest since interest accrues daily.

Conversely, if someone steals your credit card information and spends $2000, you still have the same amount of money in your checking account. You just notify the bank and its on them to reverse the charge while you still have the same amount of cash regardless.

Id also be interested to know what banks in 2023 dont do digital credit cards. I have multiple credit cards with multiple banks. Any time Ive had credit card info stolen or a lost credit card, whether its Bank of America, Chase, credit unions, Citibank, Discover, etc., I can go online and get digital credit card number, expiration date, and security code from my account while I wait for the actual card to come in the mail. With the Apple credit card (Goldman Sachs is the bank they use), the only way to see the actual credit card info is in the Wallet app. The physical card has no numbers on it at all.

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maybe not "secure", but there are definitely more consumer protections in place when buying with credit vs debit. this is objectively true and not debatable.

https://www.nerdwallet.com/article/credit-cards/credit-card-vs-debit-card-safer-online-purchases
https://www.michigan.gov/ag/consumer-protection/consumer-alerts/consumer-alerts/shopping/credit-card-v-debit-card-know-the-difference
https://www.bankrate.com/finance/credit-cards/credit-card-vs-debit-card/
https://www.experian.com/blogs/ask-experian/are-credit-cards-safer-than-debit-cards/

This won't get you credit on my account

Chase has merchant offers you can enable for your debit card. Get 5% back on Dunkin, gas, etc.

Not worth it though. Their credit cards have the same offers but I can stack rewards. For example: 5% quarterly gas, extra 5% gas sign up bonus, 5% back for BP merchant bonus. And then GasBuddy or Upside on top of that for further discount.