I'm Scared To Cut Up My Credit Cards Because of THIS!
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- Опубліковано 2 січ 2025
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Some people actually have to worry about the consequences of a fraudulent transaction happening around the same time their rent or mortgage, for example, and the rent payment gets denied. Then you have your landlord coming after you and charging you returned check and late fees.
rent or mortgage should be direct draft, not debit card.
I believe what Eli is saying is fraud can take money out of your account that will then jeopardize money being drawn for rent
@@aolvaar8792 i never have let the bank take any money from my accounts for rent or a mortgage payment. pay then personally...
As a landlord, I would definitely still charge late fees.
@@davidcurtis5398 How does the mortgage get paid, if you're dead?
It took my coworker a month to get 5000 back. It took me a week or two to get 100. I don't want to use debit, I don't feel guilty. I do pay mine off. I don't like the hacks with my money, Visa is quick and I get new card in a day or two. It works for me, all that matters.
I'd say change banks.
Visa is my credit union’s third party fraud investigators. And they’re terrible. Recently we had several online fraud charges. They call to make the claim. The charges were from Walmart, and we didn’t make them.
So visa said too bad, nothing we can do, and they open the card back up! (The card is locked when there’s fraud.) If we ever stepped foot in a Walmart, they say they can’t help. Even if we used a different card.
@@BlueDauntless I'm sorry, I had totally different experience with American Express. They were wonderful and even kept me abreast of how many tried to use my old card (although it didn't matter) My bank was fine with my master card fwhen someone in Walmart used it while I was using it somewhere else. I rarely use my debit now and just pay off credit the same day or schedule it. I hated seeing my own money gone. That is weird though and I would have fought it. With Visa it was years ago with some small music charge, probably to test it. Fingers crossed been a few years with nothing.
YOU ARE RIGHT
@@BlueDauntlessfile a cfpb complaint, NOW
Having worked at a bank, if you’re worried, you can set your own daily limit on your card, not to mention there already is a limit unless you ask for an increase. I’ve only heard of “fraud” not being refunded when it’s because someone gave their brother the PIN number and he used it without your permission 🤷🏼♀️ but that when you’re liable is when you give your personal codes to someone. Otherwise it’s just not a thing.
@Bidenlost2020you can still run a debit card as credit without a pin.
t.u. so easy to TALK TO YOUR BANK. they are a busininess, not a monster hiding under your bed. i ASKED and had my crdit card linked to my checking account. rewards and security. dave NEVER mentions it.
Have you been to the better business bureau website or consumer affairs on bank of America chase the works…. And deny fraud charges look it up on UA-cam good lord….
@Bidenlost2020every card has a PIN code. That is how they are made.
When I hear about Dave not having trouble with banks I just think, “Well yeah, you’re Dave freaking Ramsey!” No bank is going to give him a hard time and risk losing his business lol
The algorithm doesn't care what your name is.
Dave's answer is to buy a Zoolander Fraud Policy. How about not putting your money at risk of fraud and just using the bank's money? Dave leaves out that if your bank account is compromised you need to spend time changing the account and any auto payments or direct deposits, but he probloby has people for that so it is just a two minute call for him. At the end of the day a debit card is a direct link to your account.
Exactly!!! The bank would never hold up his money nor really approve the purchase.
@john Smith So the banks have staff standing by monitoring ALL transactions for important names 24hrs a day? Does Dave have enough money in the bank to have 24hr surveillance by a human being who can decide what is fraud or not?
@@stevenporter863 It is one phone call for me, wonder why you have a problem?
I keep my emergency fund at a different bank just for this.
my emergency fund in ranking denominations and in a a fire proof lock box hidden in my house. safe and immediate access.
I'm a huge fan of Dave but I use my credit card and pay it off every week. Last new years I booked a hotel through a large company like Airbnb. The day of checkin the company went bankrupt, shut down, canceled all reservations and ceased communication. I likely would have not gotten my $600 refund if it was a debit card.
If you're that worried, open a separate account with a debit card on it. Transfer just enough funds from your account to the new one when making on line purchases. That way, even if your card is cloned, you can only get taken for a small amount. As has been said, the bank will sort it out ASAP anyway. The on line only debit card limits your risk to pretty much zero.
W have a special account for the debit card with only $250 in it at any time. If we are going to spend more, we then transfer enough money to cover the charge. We also check the accounts every morning and that only takes a few minutes.
Just create a PayPal account
I couldn't agree more. This is a great thing do to for fraud protection.
that’s exactly what i do
The only time I experienced a negative experience with a debit card is when I paid a fraudulent company through PayPal. My bank always reverses any unauthorized charge,which rarely happens.
I've had the occasional fraud charges on my debit card. They've all been refunded pretty darn quick. It has never been an issue.
have never had an issue like that so far🤞🏿
Same here
Issue is the bank generally then locks the card, meaning you're without your account for the 3-5 business days for new one to mail
It might be an issue for someone who's account balance is low enough to regularly not have a comma in it.
Simple…if that’s the case you are banking at the wrong bank😂
When you have a few hundred dollars in the bank the bank is holding your account hostage. When you have millions in the bank like Dave, yeah they're not risking losing his business.
Nope. By law, doesn't work that way bud
Why would you have only a few hundred dollars in the bank? Why are you staying somewhere that you can't afford?
Literally missed his fckn point. If that transaction fcks you over then you can’t afford it. Ffs.
@@jimroscovius people have to start somewhere. Don't be so arrogant
@@Vencarter tell me you've never had to struggle without saying it 🤦♂️ People have to start somewhere. Just about everything costs a few hundred bucks. That could be groceries.
Isn’t the way to avoid this is to use cash more often? Also, as other people say, you can have two checking accounts - one for everyday purposes and one just to hold money but not use.
Hard to avoid when you can’t pay certain bills in cash
If you're keeping your emergency fund, which is what you're describing, in a checking account, or even a standard savings account, you are literally losing value every day.
So he said if you can't survive the 48 hours, which it is often more than that, you should be buying it. YOU DIDN'T BUY IT!!! The person that stole your card did. If you have $1000 to last your week or month, and someone charges $995 on it, you did nothing wrong, and you are still deviated as a family with no money for 48 hours, at minimum
I have had quite a few fraud things happen. Always seems to happen with my 5/3 card, I don’t think has ever happened with my chase. One thing you can do is have multiple accounts not tied to each other. And only have your weekly budgeted amount in the most used one so a fraud incident doesn’t wipe you out.
Exactly. When I had fraud on my account, I just transferred some money from my emergency fund to my checking account until the dispute got resolved. Easy peasy.
@Dino, never trust a bank that is bad with fractions
@@alinatamashevich3354 LMAO.
My bank refunds the money immediately then performs their investigation. If they deem it's not fraud, they reverse the refund. But I've never been set back by fraud.
We are notified for any transaction above $1. We get a text telling us when we buy gas or go to the grocery, etc.
It's great, and it has saved us a couple times!
So why do financial experts like Clark Howard say never use a debit card, especially online and at hotels?
I have never had a single issue in the past 20 years of using a debit card.
You should also stay inside %100 of the time, because lightning could strike
There was a fraud on my debit card a couple years ago. The bank had me waiting for 30 days, but got the money back eventually.
Dave thinks everything happens so fast.
Correct! They have to rely on back office clerks to research and resolve a dispute. Sometimes they request letters from third parties. This takes time, and the customer is on the hook!
I hope you changed banks?
Had someone fraudulently steal money using our debit cards. BOA gave the money back and we were fortunate enough to get it all back and life continued.
Why would you feel fortunate? You're supposed to get all of your money back.
If you are just at home in your zip code doing regular everyday things you shouldn't have no problem with a debit card especially if the type with the paycheck to paycheck lifestyle and keep small debit card balances.
This guy has a valid point.
Maybe...
Someone tried to run an $800+ charge on my debit card to pay their past due gas bill! The monthly rent was then short (fortunately I had an understanding landlord while I got the funds reversed.)
As for the hold on a hotel charge - if you travel due to a funeral, that is an emergency which you cannot always plan
If it's an emergency, then you should use your emergency fund. Or room with family.
Every time there’s a fraud charge on my debit, it takes me two weeks to get a new card. Not very convenient.
Stop running your card in phony places.
Open a savings account that can't be accessed with your debit card and put your emergency fund there. Now while you wait for the bank to fix the issue you still have other funds you can use that were never touched. Problem solved.
And by the way, turn off automatic overdraft protection. You shouldn't be able to pull from your savings during a debit card transaction. If you're constantly going into the negative with your checking account then you need to change the way you handle your money. What you don't need to do is set up an automatic siphon from your savings that anybody who gets a hold of your card can use.
I wish he would actually address this guys concern.
He can't, because the way to address those concerns is "use a credit card", and Dave will never say that.
@@mikojenson4525 lol facts.
They did. If your bank takes an inordinately long time to credit your account for a fraudulent purchase, that's on your bank. Plenty of people, when you ask them, report getting their money back within a day.
@ASimoneau never been my experience with banks lol.
I see nothing wrong with using a cc…and paying off every month
As long as spending 10% more than you would have using cash isn't wrong.
@@adoe2305 it's 2022 no one uses cash anymore. And your brain can't differentiate between a cc and a debit card.
@@adoe2305 This is such a bogus number. Last I checked, the gas pump didn't charge me more because I used a CC instead of a debit.
That's your choice and it's just fine until you fall into the trap and are stuck with tons of debt. Basically you're telling alcoholics they are stupid for giving up alcohol because you personally can hold your liquer. Tons of us have fallen for the exact traps Ramsey has outlined so we see it doesn't work for us like it has for you.
Also why do you need a credit card? To build a credit score. Why do you need a credit score? So you can buy a house. Bro you can buy a house without a credit score! It's called manual underwriting. So then why do you need a credit score? 😂 you don't! It's all a lie to make them more money in interest.
I agree with this caller. Credit cards are a great tool. I've had fraudulent charges on my cc 3 times over the past 10 years. The cc company took care of the fraudulent charges. Never paid interest on my credit card ever.
Debit card will do that too.
Fraudulent charges on your debit card get pulled right out of your bank account! I’ve had fraudulent charges on my credit card. I never pay it. The credit card company takes care of it.
I've had fraudulent charges on my debit card a few times and I always got my money refunded. Not saying it's always like that for everyone but so far I've never had to cover fraudulent charges. Within an hr of talking to the bank my money was back in my account.
dave muted him b4 he said i pay mine off lol dave is funny i dont pay my cc every month i pay it bout every week lol
THats exactly what I do and then I get my rewards and make money on my card.
Dave can't have people poking holes in his plan with math and common sense.
@@aaront936Dave’s plan works because it works for all people, including the stupid ones. Sure, the smart people could benefit by not following his advice, but that’s not who he’s catering to.
@@terrybusch5088yes but the nature of cc is to screw other people even if you are paying it off on time.
Gas stations in Georgia used to put a hold of $70. Now they put a hold of $100 on your card. It is usually adjusted within 24 hours.
Gas stations in Dallas charge your card, the cost of the gas you put in
I think the problem is when the bank balance is so low that a fraudulent charge could overdraft. If that is the case, then just use checks and cash.
THe thing that I dislike about plans like about the Dave Ramsey plan is their thought process where if you don't buy 100% into what they are saying then your wrong. I don't buy into all or nothing plans. I was a mormon for 30 years and their plan was all or nothing, then when I fell on hard times they dropped me like a brick. THey had me buy Dave's course and take it. I listened to every class and then went out and did some of it but not all of it. THey told me to not come back to church. Now 12 years later I am financially secure doing it my way.
Sorry, I don't believe you. The Mormon church doesn't tell people not to come back over a finance class.
Debit card fraud has been an issue for me
If a person can budget correctly, and pay them off every monthly there is no issue. Can't speak for the 78%, only for myself. No issue.
That 78 is a lie.
I pay mine off monthly and so do my sons. It's doable.
We also pay ours off every month. However, we used to overspend too, as Dave has mentioned before. Keeping it real.
I had rather use my credit card. Let the credit card company fight for their money back, not you fighting to get your money back. I do pay off my credit cards off monthly.
Correct. Always be aware and learn more about what you are buying especially online! Fraud is widespread here. Great advice!
A person with under 3k in the bank would suffer from a $600 fraudulent transaction.
Dave is most likely in a presidential club of what ever bank he works with and we as regular people are not.
Then get there! If 500 bucks is the difference in your life you have bigger problems than what card you carry.
I worked at a bank they do not give you your money back in 48 hours they have to do an investigation so it does take awhile and it can really mess you up one good option is to use a prepaid card for online purchases or separate account for purchases
If you use any card to purchase on line just keep very little in that account... Simple.....
I think an easy solution is to simply open a 2nd checking account at the same bank and leverage one account to make debit purchases with. Heck, even an account to make riskier purchases at gas stations, ballparks, etc with a low amount of money will help protect you in these situations. Then keep the rest in savings and your other checking to pay larger expenses like mortgage, rent, etc.
That's a very smart idea, I didn't think of that.
@Rich Casino that's how you get robbed.
Yep, just like having a Spam Email... Not hard, people.
Would never cut up my credit cards. Proud to have paid off my cards monthly for 35 years.
But, you tend to spend more when all you have to do is slide a card instead of taking a $20.00 bill out of your wallet and watch it turn into a handful of smaller bills and change
@@Yelocab1 no I don’t
@@Yelocab1
Same with debit cards.
Meh. My bank has fraud protection. I can even reverse a charge within 90 days if it shows up as fraudulent.
If you have issues or your bank doesn't provide protections look for a new bank.
Its also important to have more than 1 bank. If you have a temporary issue at 1 you can transfer to the other.
These two are thinking that fraud doesn't exist.
CC have better security. A few hundreds to lost of people are a lot.
They don't only put a hold for a hotel. They can do it for anything.
But that is not the point.
They will even put a hold at the gas pump.
Have he ever head of a skimmer?
@Jimmy, again you have no idea what you are talking about! They are either Visa or MasterCard products. They carry the same protection. QUIT spreading lies
@@alinatamashevich3354 I know what I'm talking about.
It's easier to dispute it on a cc, then it is on a debit card.
@@jimmymcgill6778 And you would be WRONG again! Why don't you educate yourself, instead of spreading false information? No wonder you are unemployable.
@@jimmymcgill6778 You are just argumentative, you have no idea or clue what you are talking about. In other words, let the professionals do the talking , keep your ignorant opinion to yourself.
Means YOU ARE WRONG Jimmy boy
I hired a car abroad once. £3000 pre approved for a Citroen C3 and they only accepted credit card.
A lot of peoples accounts have been drained from Debit Cards and they did not get their money back.
Right, but it doesn't just happen when you're buying things. People get your numbers and THEY buy things. So I would a $2 bottle of water at gas station and someone bought $900 worth of suits and ties online.
To Dave’s point he forgot to mention if your following the baby steps then you have and emergency fund for $1000 which in the case of debit card fraud you have that emergency fund to hold you over until the issues are resolved with your bank. It is a scary and different way that he teaches but it does have everyone’s best interest to save themselves from..themselves!
$1000 is not enough for an emergency account. How long has that number been the same?
@@stitcher4729 it’s better than nothing, but for the number of years i have heard it, it definitely needs to be updated for inflation
Dave's idea of a $1000 emergency fund is just idiotic to start with. That is no where near enough. A starter emergency fund should be, at minimum, 1-2 months expenses, and fully funded is 6-12 months.
SORRY but itt can be MUCH worse than $200 on a debit card. A fake or mistaken charge as I had was for $2000 and it took 6 weeks to fix and the card was not usable.
Yes, learn to use a single credit card like a debit card and pay it off on time and pay no interest, but the debit card can be a trap,
The fear is justified. Only use a credit card for online purchases.
False. For online purchases, use a debit card with a completely different bank (with no more than what you intend to spend that day in the account). not connected to your usual bank.
From what I know it is not a significant problem and they can give back your money within reasonable time, it is paypal that has bad customer service in this situation.
You could always a prepaid credit card with your bank. If you prefer to use a credit card for whatever situation just transfer the money required from your checking account to this credit card beforehand.
TD BANK gives you a new debit card on the spot (in the bank and in person same day, it only takes 5 minutes.. )
They just want the option to spend money they don't have. Finding excuses.
Welp, we were just hit with a fraudulent set of w/drawals on our debit card that cleaned us out of around $2K from our account, like a $0 balance now. Amount will not be refunded until we fill out some paperwork that the bank is sending us. We won't starve yet, but just letting people know that it DOES happen and immediate refund is not happening. On the other hand, happened to us with another bank debit card a couple years back, and refund was w/in 5 days so may depend on the bank.
I can't use a debit card for all my online purchases - some of them here in Canada don't accept debit, they only use credit. Also, when some fraudulent charges come up on whichever card and you call the bank they cancel your card and it takes like 4 days to get a new one, what should you use in the meantime? You need 2 at least for this reason alone.
Gas prices with its discount apps (grocery store fuel perks), credit cards with its rewards (5% cash back at Amazon), department stores with their store cash (think Kohl's cash rebates). I "feel" like rewards are already baked into prices and I'm just paying more by not using & redeeming rewards. How do I un-justify that and confidently use a debit card?
I buy groceries and other things online with debit, and i only use a cc at a gas pump and a few other public places but I understand how tempting it is to use, so I limit it's use. Just an extra layer of protection.
Love Dave's "Fun Guy Shirt" 😂
We stopped using debit when we made a 400 withrawal and they gave us 380 and took 800 from our balance. took 2.months to settle the issue
I'm baffled that American people can get hit by an unexpected 200-300 dollar loss and that puts them into the red. How the Hell do you sleep at night without being, at the very least, 4 figures in the green at all times?
Dave I enjoy most of your advice but to compare your complaint to your bank to the average American who doesn't have $10000 and is trying to collect a $3000 mistake is not the same as you having millions of dollars in your bank account and disputing a $3000 charge the bank is going to take care of you
The debit card that is hooked to your checking account should not be your main checking account or having an emergency account.
Yes Dave, you have “hundreds” of debit cards and mitigates any😢 pain if one freezes up. Yet the average person has one debit card that can throw a monkey wrench into their lives for a short period of time. That being said, probably a good strategy is to have two debit cards, say spit it 50/50, and if one get hosed up, you have the other.
Imagine having to do all this planning to mitigate possible fraud from using a debit card when you have the option to just use a credit card instead and be unexposed to the fraud altogether.
@@mikojenson4525 totally agree
their money vs your money
The only thing I can do with a credit card that I can't with a debit card is rent a car. Every time I've rented a vehicle, they've only accepted a credit card for a $200 hold. The full charge is usually much more than that--I can afford it--but they won't accept anything else in order to rent the car.
Just use a different company/location
You can get an American Express green card that requires you to pay off your balance once a month. When I got my first credit card I had about 15 years experience with the American Express card and knew I could handle the responsibility. I had to get the Visa card because there are a minority of merchants that will not accept American Express. Other than that I followed Dave's instructions to the letter and results are what count.
I have Citibank card since 2015 $4000 total in cash back Never paid one cent of interest so far
If you’re that worried about it, keep all your savings in cash. I do that. People who know me make fun of me because I have $4000 in my underwear drawer. I don’t get any interest on it, but it won’t get stolen. I’ve had this happen to me quite a bit, and it can get annoying to get your money back, and unlike in Dave’s experience, it usually takes me about a week. I do hope he takes into consideration that I’m not Dave freaking Ramsey. Banks don’t know who I am, or care. That said, I agree with him. I’ve always gotten my money back eventually.
Right on Dave! If you cn't afford the loss, don't spend. Pretty simple.
That doesn't protect you from fraudulent charges. Dave's living in a fantasy world.
Fraud have nothing to do with being able to afford something or not.
You didn’t watch the video 🤦♂️
have had debit card for over 20 years. no issues to date🙏🏾🙏🏾
You are fortunate, knock on some wood.
@@carl374 luckiest SOB ever haha
It's true...
I don't pay off my card once a month. I pay them off twice a week!!! lol
Only one I allow to carry a balance, but it's zero percent for another 11 months. It has its uses lol
My score is over 800, and my scenario is unique.
Is this the same for Canada?
Since Chip cards came out not one single fraudulent charge on my debit card
Hotel holds on debit cards are checking accounts, whereas I prefer leaving majority of cash in interest-earning savings. How much cash do y'all leave in your checking to handle day-to-day stuff? How do you handle budgets if it's a debit card opposed to old fashioned envelopes? Does your anxiety spike knowing you have $200 in checking not earning 4% APY?
Oooooooooo, Dave hurt some butts there. "If yer buying something that if it doesnt get returned to you in 48 hours it will destroy you, thats something you shouldnt be BUYING"!!! lol Love it Dave. Drop yalls DRAMA. And this dude was leading FPU and probably one of the leaders telling people CCs are ok. SHAME
The scammers are the ones making the purchases not the victim. You have no control over how much they pay off. Being completely wiped out/ locked out of your only account could be really bad. Maybe a back up account would be appropriate.
Dave isnt an every day man with real world struggles. He doesn’t live in the real world.
He sure doesn't in this area. I'm a big fan, but I'm an honest one too. Yes, debit cards are risky, risky and more risky!
What’s the difference between using a debit card and using Amex that has to be paid in full every month?
Do you have to pay an Annual Fee for that card? What if the AMEX bill isn't paid off every month? Those may be the only differences?
I have had chase shut down my debit card when I was about 19 when someone tried to hack my account. That was the only time.
It is not about getting the money refunded. If fraud happens on your checking account, the card is shut down. And it takes longer than 24-48 hours to get a new debit card.
Getting the money refunded is the ONLY thing that matters
@@amireallythatgrumpy6508 ANd what if you need money now?
@@jimmymcgill6778 Then that's what you get for being so disorganised.
I can see where it would be hard to budget for a hold on your account when you don’t really know what the hold is gonna be without extensive research. One solution, just pull from your emergency fund an extra thousand dollars for the month and use that as your buffer for the hold and then put it back in your emergency fund when you’re done. We shouldn’t even be going on vacation, unless we have a fully funded emergency fund anyways so you’d be pulling 1000 out of like 15 K temporarily
I've had my credit cards stolen more than 3 times, never my debit card.
If there is fraud on your debit card - do hey freeze the cars for a while?
card
They do cancel it. And send you a new one.
Yes and they call you
In my experience they issue a brand new card.
Yes while they send you a new one.
I don’t use a credit card but I will say, for travelling they are kind of essential. My most recent trip my debit cards would not work ANYWHERE, not once. If I wasn’t with someone the whole time who had a credit card from whom I could buy cash I would have been fucked
My debit card is used for one thing. Taking out cash from the ATM. I will NEVER use a debit card when a credit card is an option. It's such an unnecessary risk. Dave is wrong on this, as per usual.
I can’t imagine losing my 840 credit score after it took me 10 year to build it up. If someone can’t control their spending habits, then they shouldn’t use a credit card. I have always only use 4% of my $205k credit amount, so about $6000 a month. I don’t even take my debit card out the house so someone bought something with it 5 states away from it and it wasn’t me. Cash is king, but good credit is queen. I may not ever be a millionaire, but my kids and grandkids don’t know. I make 100K a yr.but live on about 50k, so I bank a lot. I owe 45k on my 235k house with a 2.5 Apr on it. I got a plan to retire and move to Florida in 3 yrs.
Do we have to cancel them or stAy the card active but cut them off and not use it?
It’s always 7-10 business days for me
''78% of people don't pay off their bill each month, so someone is lying.''
that would be dave. when this wast posted a year ago, the payoff rate was 63%
as of 1/24, it is 51%
“If you’re buying something for an amount of money that if that amount of money doesn’t get returned to you in 48hrs…destroys your life? That says you shouldn’t be buying something like that.” WELL SAID!!!!!! I sure needed to hear this. Thank you!
I don't think it makes sense at all for this situation.. Sure, if you were paying for something very expensive and if an issue with that payment would upend your life, that's not good. However, the situation being discussed is if someone uses your card fraudulently. Fraudsters are going to try to get as much as they can. The actual purchase you are making isn't the one you have to worry about...
That's not how it works. You could buy something at a convenience store and if they have a skimmer they can rack up hundreds in fraudulent charges
How do you control the amount of money that is fraudulently charged?
In general yes. I feel it was kind of a non-sequitur in the context of this video though.
They were talking about fraudulent charges. It would not be the victim making those purchases. That's why they're considered fraud! How does advice not to spend beyond your means apply in that case? The victim has very little control over how much a criminal with their debit information decides to spend. All they can hope is to catch it in time and hope the timing isn't bad (ex: the day rent is due).
Wrong. That have nothing to do with fraud.
It’s called having a savings account! If someone uses money from your debt card and your pending the refund use the money you have saved to help you while your pending a refund.
Until they decide that they can't recover your money, and then it's gone forever... Or you could just use a credit card, and never lose your money to fraud to begin with.
@@mikojenson4525 Until the credit card decides it wasn't a fraudulent transaction. Then you owe the money. And you will pay it.
The major issue with not using debit cards is that you cannot hire a car. That is the only limitation.
There are other snags with debit cards.
Many don't keep enough in their debit card accounts to cover the $150 pre-charge at gas station.
You don't want to travel with only a debit card either especially in other countries.
This isn’t about shaming the victim of a frivolous purchase, it is about if a bad actor wiping out your one and only account. So yes, it would produce justifiable anxiety. Just looking for alternate strategies here, not shame or the blame game. Yes, Dave is on the spot, but the conversation doesn’t have to shift that way.
Nice shirt Dave!
Why would you use a debit card and have a hotel put a hold on your mony? That is stupid. Use a credit card, borrow money for free for a month. Do all the shopping you need. Charge any hotel that you want. Fix your car at any repair sop you want. Pay for everything with s credit card and pay the bill at the end of the month. It is a no brainer.
These days places like monzo allow you to set up a secondary temporary debit card to make a purchase without someone getting your details, paying on phone with contactless (apply pay or Google pay) carries more protection than using the card directly
God bless Papa Dave
Things have improved much...but in the bad old days I've been stranded in remote locations because a transaction in a remote area triggered a lock. Trying to get something to eat in Cassagrande AZ at 9pm after a long day in the field was especially frustrating LOL!
This is a little misleading, if you are running your debt card with all your money in it, and the number gets stolen they aren’t charging your previous purchase amount they typically clean you out so it’s not about being able to afford it.
Dave found his new favorite shirt
How do you build credit then without a credit card ?
Isn't this something the emergency fund should help with? Just don't forget to refund it when the bank gives you your money back.
A huge company operating on Debit cards as opposed to an AMEX Black Business Card? Ok...