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Don’t use Debit, Use Credit?

in Credit Cards, Humor, Interest Rates

If you are planning on being the victim of fraud, evidently this is what the following CBC news story tells us.

Very interesting point of view, if you assume you are going to get screwed, you would be better to let the Banks money get stolen, and not your own, because the bank is more likely to work hard to get their own money back and not yours. That is a very cynical point of view (which I guess is why I like it).

In my area of Ottawa there have been a few stores that have been caught defrauding customers who use direct withdrawal or debit cards, so Debit Card fraud is out there and prominent, given how many folks use this convenience. So what can you do about it?

  1. Use your credit card? Well, only if you promise to keep close tabs on your spending, and make sure you get something free for using the card (PC Points, Air Miles, etc.,). You can dig a big hole here without thinking.
  2. Use cash. OK, you have opened yourself up to someone stealing your purse or wallet, but cash is still universal. What is funny is the restrictions on money these days in Canada. Evidently the $50 and $100 bill are no longer legal tender because most stores won’t take them (so keep that in mind).
  3. Don’t spend money, just hoard it (yes, that is an attempt at humor).
  4. If you use a Debit Card, have only 1 account turned “on” on it and never put a large amount of money in that account, and make sure the overdraft on the account is turned off or very low. This way they can’t steal too much.

Just some ideas, but watch out for those “extra” swipes some stores will take of your card.

{ 1 comment }

  • SOH December 23, 2005, 12:39 PM

    Merry Christmas to you and yours!


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