Credit or Debit Cards: Which is Safer to Use?

5 02 2014

http://finance.yahoo.com/video/debit-vs-credit-safer-swipe-201011284.html

Under the Electronic Fund Transfer Act, consumers aren’t responsible for more than $50 if a lost debit card or fraudulent charge is reported within two days. If the loss is reported 60 days after a statement containing fraudulent charges is mailed, a consumer’s liability jumps to $500. If an unauthorized debit transaction is reported more than 60 days after the statement is mailed to the consumer, the damage can be unlimited.

Fraudulent charges on a credit card can be reversed in 24 hours or less, but it can take up to two weeks to have funds restored to a debit card account. In the meantime, bills or other expenses could pile up.

And here’s our Poll question for our readers.

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