In the past I’ve had a couple of fraudulent transactions on my credit card, including one in my last statement. The company was “Dream Smile”. I’m not sure how they got my info to bill me, but they sure did. I did a little research on the company and apparently many others are being charged extraordinary amounts. I guess I was lucky they only got me for $14.95. Anyways, I contacted Capital One Visa credit card and about 10 days later (during the Christmas holiday) they refunded me the amount. The whole process was extremely easy and only took a few minutes to complete.
I wonder what type of protection a debit card offers. I’d think they don’t have as good “chargeback” procedures as credit cards do. If I had to guess, it’s because with a credit card charge, you haven’t paid the charge yet, the credit card company pays it first, then later you pay them. With a debit card, when the charge comes in, you pay it up front, so the debit card company has less to lose.
We all need a little help when it comes to sorting out our money problems. Get a cheap credit card, short term loan or a flexible loan and put your mind at ease!
2 Comments so far
Actually I was just reading about that today - The chargeback procedure and fraud charges are supposed to handled the same for the merchant (Visa, Mastercard, etc) as if it were a credit card. I know that a Visa debit card is handled the same way as their Visa credit cards (Zero Liability to the card holder) which is good for the consumer putting their trust in Visa to protect them.
Comment by Tammy 02.01.07 @ 8:13 pmYou have done a great work. This is very nice blog and here you have given exact definitions for credit and debit card. Good article, keep writing.
Comment by Larry 01.19.08 @ 3:14 amLeave a comment
