tis the season

[crazy4fishin]

Jim - that really sucks! You really find out how good your bank is during times like this.....like others have said a CC is the way to go....I have a BPS MC and late last year I got a call from those folks telling me that a new card was on the way because of a hacking.....the next day it showed up! When the old statement came I could see where there was a charge from Walmart in AK for some electronic items....never had to pay for these! 

176 - there are many ways to get a CC with no credit....just ask my son bottom line you upfront the cash and that is your limit....it did help him get his credit back in line when his banker....Mom...closed his "account" 

C4F

[MOPanfisher]

My bank eded up replacing my card almost every year, there will be a bogus transaction that they catch and call me.  Then if I tell them its bogus they immediately cancel the card and get a new one in the mail, usually with 3 days I have it.  Now that I use BPS card for most things, if we go out of town and forget to call them, sometimes it gets put on "hold" because the charges are not normal, and I simply call the 800 number tell them its OK and I forgot to notify them and immediately it is released. 

Poor credit can certainly be an issue, but it is possible to get a collateralized credit card (think that's the right term), looks like a regular credit card, only  you have to have some money set aside in an account to "protect" the bank or issuing institution.  Been a while since I read anything about them. 

[Guest]

9 hours ago, vernon said:

I've got a good friend that's a bank vice-president and has been for almost twenty years (darn president refuses to die!).  He told me quite some time ago to NEVER use a debit card.  He tried to explain all the reasons to me that credit cards were the way to go but, quite honestly, I didn't care about all the details.  I trust his judgement enough to just take his word for it and have never possessed a debit card.

My wife and I have had our credit cards hacked at least a half dozen times between the two of us - most recent was a $8700 spending spree in Europe in June - and like Micropterus we have never paid a penny toward the fraudulent charges.

I also like the 3% - 5% cash back that most cards provide.  In fact, when I bought my new Ranger in March I charged $20000 of it to one of my credit cards and received over $700 in cash back.  We pay them all off at the end of each month so interest is not a factor for us.  Like with debit cards, if we ain't got the money to spend, we don't spend it.

However, my brother insisted on using debit cards and learned his lesson the hard way.  His card was compromised earlier this past year and I believe it ended up costing him around $400.  Needless to say, he ain't got one no more either.

Also, if you have a fraudulent charge made against your credit card, they are essentially stealing the credit card companies money and not yours, and you still have your money in the bank during the fraud investigation.  Unlike a debit card, where you may be struggling to pay your bills during the investigation, because they stole your money, which may or may not get refunded.

[jim m]

bank says they will cover it, recently used pay pal to pay for an online purchase and they said that is most likely where it happened and that PAY PAL IS NOT VERY SECURE and they have seen it before

[vernon]

12 hours ago, jim m said:

bank says they will cover it, recently used pay pal to pay for an online purchase and they said that is most likely where it happened and that PAY PAL IS NOT VERY SECURE and they have seen it before

Good deal!  That has to make you feel a lot better.  "Losing" money is a really crappy feeling.  Ask anyone who's had a 401K over the last 20-25 years!

You're right too about "Scam Pal" - have had some unpleasant experiences with them and they are about the least cooperative and almost "secretive" bunch I've ever seen.  I avoid them whenever possible.  

Glad this thing won't cost you.

[Bill Babler]

Plus 1 to Vernon's.  My best friend is a retired banker and has told me there is absolute no reason to ever have or use a debit card.  It is like throwing out a handful of checks at every location you use it.  It has direct with drawl from your account.  It has absolute no benefit unless you cannot get a CC as has been mentioned.

When they first came out a few years back I got one and immediately it was compromised both mine and my wives on two separate deals.  We got our money back but it was a major pain in the caboose.  Several hours on the phone and a letter.

Also mentioned is the current pay back on most cards.  It is fantastic on the Bank of America Preferred  plus cards.  I put all my business on them and it pays me back literally thousands of dollars a year.  I know American Express is better, but there are so many business that won't take it that it is not worth it to me.

Sorry about theft.

[176champion]

Just got a new debit card in which it has the new chip in it..also i finally got approved for a credit card, so we will see how that goes...no annual fee or activation fee and 300 dollar max limit...

It's good to hear that your bank is taking care of you....

[vernon]

1 hour ago, 176champion said:

Just got a new debit card in which it has the new chip in it..also i finally got approved for a credit card, so we will see how that goes...no annual fee or activation fee and 300 dollar max limit...

It's good to hear that your bank is taking care of you....

Good for you!  Don't get overly excited about the chip deal though.  I was told by a pretty well networked and high level IT guy that, like with most technoligies, the bad guys had em' (and had already figured out how to compromise them) well before we did.

If I recall correctly, prior to my retirement the military was working on a card that utilized an imbedded "wire" of some sorts that was supposed to be the new cat's behind.  The chip stuff that the credit card companies are using was prominent throughout the military quite some time ago and was already being phased out.  Problem is, the public sector has to commit many millions of dollars in advance to whatever is the latest and greatest that's available to them but by the time it's all actually implemented it's way obsolete.

Think GPS and night vision optics.  They were around and in use for many years in the military before they were made available to the consumer.  I think cyber security is pretty similar.

Either way, it seems like the bad guys are tuff to stay ahead of.