pnichols wrote:
delwhjr wrote:
2oldman wrote:
delwhjr wrote:
your account can be drained
How does someone 'drain' your account? You should have text notices in place to know if anything goes wrong.
Multiple charges over a short period of time and the amounts can be anything unless you have some type of previously installed ceiling. Only ATM use is metered by default.
The above applies to debit cards - not credit cards. Fraudulent charges against credit cards can be reversed by you and the issuer coordinating on it so nothing gets "drained". I see no reason for debit cards and have destroyed several over the years sent to me by financial institutions trying to suck me in.
Credit cards are far superior, as they provide a whole bunch of (credit limit) emergency money headroom for such things as - an unexpected RV blown transmission (our friends had this happen a long way from home and we had it happen in our driveway) ... or worse.
To have to have thousands of dollars laying around in a checking account for quick emergency debit card or check access (if they're accepted when needed) makes no sense to me when a credit card might have a $20,000 or $25,000 dollar ceiling for quick cash access all over the planet. We even carry two credit cards with limits that are way up there so emergencies of just about any type can be covered.
A credit card balance can merely be paid off each month by anyone who is adverse to that kind of debt. For any large one-off unexpected or emergency credit card expenditure ... just make other arrangements to pay off the expensive credit card debt before the end of the month ... but at least you had the financial headroom when needed on the spot.
Agreed on the cc being better in a recovery situation. A debit card can be used until cut off but the money is gone until you go through whatever hoops the issuing institution requires. A cc will not cost you anything but a little time.
I always carry a cc with a sufficient credit line to cover even a MAJOR emergency and that is all it is for.
