Re: DEBIT cards -- any problem?
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Posted by Why Chat (209.240.198.61) on March 19, 2003 at 18:23:58:
In Reply to: DEBIT cards -- any problem? posted by Last Dime on March 19, 2003 at 15:53:14:
There is NO problem with using debit cards for car rentals, airline ticket purchase or anything else. The Visa system checks to see if you have funds, just like a cc checks to see if you have available credit. You can have any limit you wish per day, depending on your balances. (I keep my limit at $1,000. but I know people who have much higher limits). The down side is security, if your ATM card is stolen and used like a credit card, (no pin # needed),your account can be drained dry very quickly and there is NO "$50." fraud limit. Some banks DO have a quick system to freeze the account, but if you do not report right away that your card is missing, you are out of luck. However, in YOUR sitution you have another concern. If you are sued and a judgment is obtained on your defaulted cc, your account can be garnished. There is NO WAY, that a retailer can tell that it is NOT a credit card, unless you tell them. The only difference is that when you use it as an ATM ard, the $$ are immediately debited, use it as a Visa, (or Mastercard) and it is next day.
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