How things have changed through the years. There was clearly a time when you had to run your check to the bank, cash this or deposit it and then write another check to get cash out from the bank. This all had to be done before the banks closed which was about 3 pm. And if you failed to get this done by Friday afternoon you were hooped for the weekend.
Nicely those days are now pretty much over. Forget about running to the bank because the majority of pay is now direct deposited and now pretty much everyone has a debit credit card which can be used at the automatic teller machines or (ATM). Today you will find these machines in your bank, grocery store and pretty much anywhere else you can think of.
When debit cards were first introduced you could easily tell what they were. They often had the bank logo on them, your number and your name. Today is different though. Almost all debit cards appearance exactly like credit cards. They have credit card logos, they can be used anywhere to purchase items including on the internet
With a debit cards you are using your own money to purchase items. The money being used in association with this card is your money.
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When you use a credit card you’re using borrowed money that you agree to pay back. This money is being borrowed from the issuer of the credit card which is usually a banking organization.
Both cards look and behave in the same manner but when it comes to consumer security there are some subtle differences. If somebody steals your credit card you are just responsible for the first 50 dollars of theft unless you report the card just before any charges are made to it. In this instance you won’t be responsible for any fraudulent charges usually.
MasterCard and Visa offer zero liability protection where you refuses to pay any charges if someone uses your credit card to make unauthorised purchases.
In the case of a debit card the fraud protection is similar having a few exceptions. Your liability remains 50 dollars but only if you notify your financial institution with within two business days of the loss of your card. If the card isn’t documented lost or stolen your legal responsibility can jump to 500 bucks. It’s also important to check your bank statement frequently. Check it with more than a look. If there are any fraudulent costs on there and there not reported within 60 days you could be held completely liable.
In many cases you can get extra protection against fraudulent use of your cards through your home owners or renters insurance policy. You can check this out by reading your policy or checking together with your agent.
So now you’re asking yourself which cards you should use for exactly what. Most experts would agree that you need to use your debit card for the same things you would use cash for. A good example of this is groceries. One thing to remember when using your debit card is that you should have sufficient funds in your account to pay your purchases.
When you are using a credit card on line it should be a credit card. In the case of utilizing a credit card it is easier to dispute fraudulent purchases. Another thing is that if your buy arrives broken the credit card firm will remove any charges until the problem is resolved.
So in life each cards are necessary but you just have to be sure you know when to use them. Each credit card has a significant use and correctly done. The sooner you learn how to make use of both cards with in your life the easier life will be.