I just read a thread where the comments heavily suggested OP use a credit card when they travel again so that it would be easier to dispute a fraudulent charge. What makes a dispute through your bank less successful?
In: 1228
Many good answers but here my ELI5:
– debit card => money is deducted directly from your bank account. It is a bank transfer
– credit card => it is credit, so money is not deducted from your bank account immediately. The bank will advance the payment first and then every month you receive a bill from the bank to pay for all your credit card expenses.
If your debit card has been hacked and you’ve been stolen USD 100, you would need to legally prove that you actually got stolen that money, which would mean going through some legal process, maybe even going to court. Your debit card being hacked is the same as having your bank account being hacked or being robbed physically.
If your credit card has been hacked and stolen USD 100, and your bank believes you, they will not charge you and the loss is on the bank, not you. Do they keep the loss or do they have a way to get their money back? That, I’m not sure. But you, at least, don’t lose your money. Why would the bank keep the loss? I don’t know… good customer service maybe, plus I’m sure they have some insurance in place.
Latest Answers