{"id":19672,"date":"2019-11-27T12:32:46","date_gmt":"2019-11-27T17:32:46","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=19672"},"modified":"2023-06-05T14:48:47","modified_gmt":"2023-06-05T19:48:47","slug":"3-reasons-you-shouldnt-use-your-debit-card-to-shop","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/3-reasons-you-shouldnt-use-your-debit-card-to-shop\/","title":{"rendered":"3 Reasons You Shouldn\u2019t Use Your Debit Card to Shop"},"content":{"rendered":"\r\n<p class=\"wp-block-paragraph\">Using your <a href=\"https:\/\/en.wikipedia.org\/wiki\/Debit_card\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"debit card (opens in a new tab)\">debit card<\/a> to make purchases is a great way to keep your budget intact.\u00a0 Since the funds come directly from your checking account, you can\u2019t spend more than what\u2019s available.\u00a0 However, that&#8217;s where the positives end. Here&#8217;s why you shouldn&#8217;t use your debit card to shop.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-limited-protection-against-fraudsters\" class=\"wp-block-heading\"><strong>Limited protection against fraudsters<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Credit cards offer better protection against <a href=\"https:\/\/en.wikipedia.org\/wiki\/Fraud\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"fraud (opens in a new tab)\">fraud<\/a>.\u00a0 Thanks to the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Fair_Credit_Billing_Act\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Fair Credit Billing Ac (opens in a new tab)\">Fair Credit Billing Ac<\/a>t, your <a href=\"https:\/\/en.wikipedia.org\/wiki\/Liability\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"liability (opens in a new tab)\">liability<\/a> is capped at $50 for unauthorized purchases.\u00a0 So, if someone steals your credit card and goes on a shopping spree, you won\u2019t have much to lose.\u00a0 Plus, many credit cards come with a <a href=\"https:\/\/www.investopedia.com\/terms\/z\/zero-liability-policy.asp\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"zero-fraud liability (opens in a new tab)\">zero-fraud liability<\/a> policy.\u00a0<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Things work differently when someone steals your debit card.\u00a0 Crooks can drain your account immediately and put you in a bind with your other creditors.\u00a0 The only way to get your money back is to act quickly. If reported within 2 business days, you\u2019re only liable for $50 of unauthorized charges.\u00a0 Since not everyone monitors their bank accounts like they&#8217;re supposed to, it may take longer to notice something&#8217;s wrong.\u00a0 If you notify your bank within 59 days, your maximum liability is $500.\u00a0 Once you hit the 60-day mark, you\u2019re responsible for whatever damage is done including any overdraft fees.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-debit-cards-don-t-build-credit\" class=\"wp-block-heading\"><strong>Debit cards don&#8217;t build credit<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Owning a home is a big part of the American dream.\u00a0 However, you can\u2019t get a reasonable interest on a mortgage without having decent credit.\u00a0 Using your debit card for online and in-store purchases doesn\u2019t build credit history, only loans and credit cards can do that.\u00a0 With credit cards, your activity is reported to each of the credit bureaus on a monthly basis.\u00a0 This information is then used to calculate your <a href=\"https:\/\/en.wikipedia.org\/wiki\/FICO\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"FICO (opens in a new tab)\">FICO<\/a> score.\u00a0 Keeping your balance low and paying it off by the due date can help build your credit rating.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-credit-cards-offer-better-rewards\" class=\"wp-block-heading\"><strong>Credit cards offer better rewards<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">When it comes to who has the better rewards, credit cards win by a landslide.\u00a0 Few issuers offer debit card reward programs anymore.\u00a0 Plus, you need to be more patient because it takes longer for your rewards to accumulate.\u00a0 With certain credit cards you can earn rewards each time you swipe.\u00a0 Once you have enough points or miles, you can redeem them for something you really want.\u00a0 For example, gift cards to your favorite stores, statement credits or hotel stays.\u00a0 Some cards also allow you to earn cash back on each purchase.\u00a0<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h2 style=\"text-align: center;\">File your taxes fast and ez in 30 minutes or less.<\/h2>\r\n","protected":false},"excerpt":{"rendered":"<p>Using your debit card to make purchases is a great way to keep your budget intact.\u00a0 Since the funds come directly from your checking account, you can\u2019t spend more than what\u2019s available.\u00a0 However, that&#8217;s where the positives end. Here&#8217;s why you shouldn&#8217;t use your debit card to shop. &nbsp; Limited protection against fraudsters Credit cards [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":22464,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-19672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.13 (Yoast SEO v20.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>3 Reasons You Shouldn\u2019t Use Your Debit Card to Shop<\/title>\n<meta name=\"description\" content=\"Using your debit card to shop may seem like a great way to keep your budget intact but you\u2019re better off leaving it in your wallet.\" \/>\n<meta name=\"robots\" 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