Consumer Watch: Dangers Of Debit Card Use
News from news9.com KWTV:

We might think it’s smarter to use a card connected to our checking accounts over a high-interest credit card, but doing so may open up the opportunity for more trouble and expenses.

OKLAHOMA CITY –

A Consumer Watch warning shoppers should consider before whipping out that debit card for Christmas shopping.

We might think it’s smarter to use a card connected to our checking accounts over a high-interest credit card, but doing so may open up the opportunity for more trouble and expenses. That’s because credit cards offer more protection if we have to make a return or if someone else gets a hold of them.

Friday night, we have a list of the worst places to use debit cards, according to the Better Business Bureau.

We like to avoid the lines and crowds by shopping online. So do hackers. The unsecured online networks increase the risk of identity theft.

Read about other consumer news from the BBB.

And don’t buy big ticket items, like TVs, with a d…………… continues on news9.com KWTV

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Related News:

Credit Card Cash Advance Checks: Convenient But Costly
News from DailyFinance:

If you have a credit card, you’ve almost certainly gotten promotional checks in the mail that promise the chance to reward yourself by tapping your card for a pricey gift or a dream vacation.

Who reaps the biggest rewards when you use those checks? You guessed it: Your credit card company.

Cash-advance or convenience checks look just like regular checks. You can generally use them anywhere you could write a check.

But that’s where the similarity ends. When you use a cash-advance check, your card company treats it as a cash advance — a transaction that comes with a host of extra costs.

  • First of all, the card issuer typically adds a big upfront fee ranging from 2% to 4% on the amount of the check, with minimum fees per transaction that can boost the effective percentage even higher.
  • In addition, cash advances start accumulating interest charges as soon as they post to your account. You don’t get the grace period that you get for regular purchases when you pay off your credit card balance every month.
  • Even worse, some banks charge higher interest rates on cash-advance checks than they do on purchases, adding to your financing costs.

Be Careful with Plastic Pacts

When cash-advance checks are tied to promotions, you need to be even more careful. Promotions may offer you a lower interest r…………… continues on DailyFinance

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