What I Learned When My Husband's Debit Card Was Stolen
Kerry Hannon, Contributor | Forbes.com
Kerry Hannon, Contributor | Forbes.com
CREDIT CARDS:
If someone whacks your credit card it's one thing. Entirely another if a checking account gets hammered rendering someone useless to pay any other bills. In addition most credit card companies offer ways to generate temporary account numbers with capped dollar amounts for online use. For example my cell phone carrier and several merchants I deal with save credit account numbers. I generate temporary numbers with a cap for within a few dollars of what I'm purchasing. We've all seen what can happen when hackers gain access to some of these merchant's sites. In my case, fat lot of good it will do them.
CHECKING ACCOUNTS
Always keep them separate from savings. Linking the two could drain them both. Why anyone does this is beyond me. I use savings as a means to completely separate the two Since today's savings accounts pay less then 1%.what would be the point otherwise?
DEBIT CARDS
I see no good reason for the use of debit cards. Most credit card companies charge $0 if the monthly balance is paid off I haven't paid a single dollar interest or fees in years. Nearly every employee and Social Security retiree receive their money via direct deposit. If something gets messed up, unlike debt cards, credit cards provide a cushion for up to 30 days allowing someone to make a much smaller payment on the balance until things can be straightened out..
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