Debit cards offer direct access to your bank account, which is convenient for you, and those who would like to commit fraud.
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[...] This post was mentioned on Twitter by ONEin3 Boston, Jennifer Lane. Jennifer Lane said: RT @ONEin3: See what @jennplane has to say about The Dangers of Debit Cards - She's smart w her $$. http://ht.ly/2PoRT [...]
There are some great tips in here! It can be hard to dissect the confusing semantics of credit vs. debit – you’re still using debit when you use your debit card as credit. We try to use the terms PIN vs. non-PIN purchase, but when you’re shopping or paying bills, credit means non-PIN.
When it comes to making a decision at the register about whether to run your debit card with your PIN number or without, make sure you’ve read the fine print in your account about rewards and protections.
As Jennifer noted in this interview, many rewards programs (like PerkStreet) are based on non-PIN purchases.
You should also know what kind of protection your account has before you spend – make sure your money will be FDIC insured, and that your debit card has zero liability protection (all MasterCard and Visa debit cards have this.)
And always – ALWAYS - keep careful track of your spending and check your account balance often, no matter what kind of card you’re using!