<p>Here is what Visa says about its debit card security:</p>
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<p>(Funny how they missed their typo)</p>
<p>I checked my bank’s policy, and it sounds the same:</p>
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<p>This makes it sound like both debit and credit cards are covered by the same protections.</p>
<p>Am not familiar with debit cards that provide free extended warranties or CDW insurance or other benefits. Does anyone know if there are debit cards offering such perks?</p>
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<p>I have already provided facts that rebut many of the assumptions made about debit cards on this thread. </p>
<p>And my name is not “Consolidation.” :)</p>
<p>See Bay’s info above.</p>
<p>“This makes it sound like both debit and credit cards are covered by the same protections.”</p>
<p>That’s interesting. I was going to run to my local bank and insist that they make the debit card just a debit, without the Visa aspect of it. Maybe not.</p>
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<p>Naueth, it’s very easy to use a credit card just like a debit. Just don’t charge something unless you know you have the money in your checking account, and set up auto-pay. I’ve been doing this for three or four years without ever paying interest. I don’t look at my credit line the same way I look at my cash in the bank-- that credit line isn’t MY money to use as I please, only the cash in the bank is. That credit limit is just how much of my own cash I can spend at once, in my eyes. You don’t have to rely on credit to use it. As long as you do that, you won’t ruin your life. 
You can always get a card with a low limit if you’re worried about your self control. My first card had a $300 limit.</p>
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<p>The difference is:</p>
<ul>
<li>With a credit card, fraud adds bills that you eventually do not have to pay. The only other impact is if the fraud plus your normal use approaches or exceeds your credit limit.</li>
<li>With a debit card, fraud causes your money to be missing until the bank replaces it after investigating it. In the mean time, your checks for rent or mortgage may be bouncing due to not sufficient funds.</li>
</ul>
<p>Also, do not get a Visa or Mastercard debit card on a brokerage account. Fraud could create additional messes, like causing a margin call (plus, many people have a lot more money in a brokerage account than an ordinary bank checking account, so there is more for fraudsters to steal).</p>
<p>“I was going to run to my local bank and insist that they make the debit card just a debit, without the Visa aspect of it. Maybe not.”</p>
<p>Here’s something else that’s interesting. You CAN rent a Hertz car with a debit card, BUT only if the debit card has a Visa or Mastercard logo. (Hertz also puts an additional $200 “hold” for incidentals.)</p>
<p>[Rental</a> Terms](<a href=“http://www.hertz.com/rentacar/reservation/reviewmodifycancel/templates/rentalTerms.jsp?KEYWORD=PAYMENT&EOAG=MSPT11]Rental”>http://www.hertz.com/rentacar/reservation/reviewmodifycancel/templates/rentalTerms.jsp?KEYWORD=PAYMENT&EOAG=MSPT11)</p>
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<p>Hehahaha. Reminds me of this scene from “Trading Places”:</p>
<p>[Trading</a> Places, Great Movie - YouTube](<a href=“http://www.youtube.com/watch?v=B71HytDmEso]Trading”>http://www.youtube.com/watch?v=B71HytDmEso)</p>
<p>All businesses that accept a credit card accept a debit card. He should be fine either way.</p>
<p>I should also add I have friends with only a debit card in their 40s, and they are doing fine, own a home, etc.</p>
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<p>My bank allows me to transfer funds online back and forth between my checking and savings accounts with no fee. I keep the money I don’t immediately need in my savings account, and a smaller everyday amount in my checking account that is linked to my debit card. I know my Ds do this as well. According to my bank, it is safer to do this, because it prevents someone from copying your checks and cleaning out all your $$ if held only in your checking account.</p>
<p>Credit cards that are paid off on time boost your son’s credit rating, debit cards dont. Get a credit card and ask them to set the limit low, like $750 (or whatever they need for 1 month). </p>
<p>As one of the conditions for getting the card tell him you need to have the online password. Use it to check the charges/balances periodically and make sure its getting paid off on time. </p>
<p>Im a firm believer that credit cards arent the evil here. Kids (everyone) should learn how to use them and any other revolving debt properly.</p>
<p>I survived fine throughout college without a credit card. I worked on campus and I had a debit card so if I ever ran out of money my parents could transfer money for me. If you trust your son enough then maybe give him on with a low limit. I know a lot of my friends in college had one and would usually end up in debt which was one reason I never got one.</p>
<p>mitch and sofia,</p>
<p>OP’s son is a college graduate with a job, so I assume he is about 22 years old. I don’t think she wants to be checking his spending and credit habits at this point.</p>
<p>NO. I am 42 years old and have gotten by just fine most of my life with no credit card. I have never had a problem with my Visa debit not being accepted in any of the situations one might use a credit card. If you really want him to have one, get him one of those pre load able cards so that you and he don’t have to worry about him getting over his head in debt. In almost every case, except maybe college tuition, car, and purchase of a home, if you don’t have the cash you can’t afford it. If you listen to the news it becomes apparent it even takes some people a lifetime or a huge crisis to finally fully grasp this. Don’t let him fall into the debt trap so early in life, it’s a recipe for disaster.</p>
<p>Note: I have never had a problem with making purchases online or making hotel or car reservations with my Visa debit. There is an ATM withdrawal daily limit, but you can withdraw as much as you need from the teller and there is no limit on purchases with it (other than your checking balance). As for fraud, my card was fraudulently used twice and both times the bank refunded my money in full and did not hold me liable for one dime.</p>
<p>“OP’s son is a college graduate with a job, so I assume he is about 22 years old. I don’t think she wants to be checking his spending and credit habits at this point”</p>
<p>Very true. I’m not worried about his spending or paying the bills…he’s a high income, low spender (unless he gets a big spending girlfriend or wife, I guess). He’s had high limit credit cards in his wallet for six years, and I can barely convince him to spend my money.</p>
<p>I really just needed some good arguments to validate my viewpoint, and he is very logical. 20 seconds of these arguments, and I’m sure he’ll agree.</p>
<p>I agree that if a person is very conservative with their money, then they ought to have a credit card for emergencies or to rack up mileage points and the like. On the other hand, like those before me have stated, I knew too many young people back in my day that fell into the huge credit card debt trap, which is a very scary place to be. Both of my Ds enjoy shopping, so when neither seemed interested in owning a credit card, my private opinion was that this was a good decision on their parts. They have not had any issues with getting jobs or renting nice apartments without a credit card, and have learned to live within their means. I think this is a personal decision, which is why I preferred to allow my adult children to figure it ought on their own.</p>
<p>My D has a credit card. She uses hers for everything. Then pays it off at the end of the month. She always has more than enough to cover all the charges. Has never been hit with a fee. She likes it because she uses it to break down her spending habits. With online banking it categorizes all the spending. She feels like she can make adjustments to her spending if needed. She also likes knowing “where it’s all going”. </p>
<p>It also builds up her credit rating so when she does finish school and goes to apply for credit, for say a car or house, she will have an excellent rating and can garner the best loan rate.</p>
<p>As a retailer, I am very concerned about people who feel their debit card is identical to their credit card. It is not – at least from my perspective.</p>
<p>When you swipe your debit card at a retailer the money shows as deducted from your bank account. I cannot “void” the charge as I can with a credit card. It does not matter if it is processed as debit or credit. Refunding the money back onto your card is not as instantaneous and causes the consumer much angst as they wait for the refund to show up. Incidentally, the retailer does not get the money immediately. We don’t even “settle our batch” until close of business and then it takes 2-3 days for the money to show up in my bank account.</p>
<p>My recommendation is to use credit cards for most purchases and debit cards for things like groceries.</p>
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<p>Why would groceries need a debit card? Most grocery stores accept credit cards.</p>