Credit Cards Vs. Debit Cards

A presentation of the Did You Know Series
Did you know…which is better – a credit card or a debit card? In our society of more card use and less cash use along with the pervasiveness of fraud especially among the big box retailers, it is important to know which is better to use, a credit card or a debit card. In the case of fraud, using a credit card is better than a debit card because credit cards are better protected. If someone steals your credit card information, you have recourse with the credit card company and can refuse to pay for the fraudulent purchases. If someone steals your debit card, however, they will probably drain your checking account. The burden is on you to contact the bank and get the money replaced, which is difficult and time consuming. Look into your bank’s fraud liability protection program so you have a good idea of your debit card’s security. Always use your credit card for big ticket purchases, online shopping and traveling. Debit cards are usually OK for smaller purchases and for times when it is not out of your control. There is a new mobile app on the horizon that will allow you to lock your cards until you want to use them which would provide an added layer of protection for both debit and credit cards. The app is called CardControl and was created by Ondot Systems. The app is currently being tested with a handful of financial institutions, but could soon provide a lot more security in our card-obsessed culture.