Debit Card Limit Reduced?

I noticed I'm getting some new bank cards with some new thing on the front that is suppose to stop someone from being able to access your card's information. My primary credit union hasn't done this. My master card and Visa has.

 

It is a national bank. Local banks are great when you need to talk to someone to get something done. National banks have the money to spend on technology. I have accounts at both.

Most new cards are coming with an embedded chip. To duplicate the chip is much harder than duplicating the magnetic strip. My card they tried to use in Brooklyn had the strip duplicated but they had no other ID in that name.

The chips are extensively used in the rest of the world. They use a special reader. Put the card in and it reads the chip. It asks for your PIN then uses the code from the chip and the pin to request authorization from the financial institution.

KaptJaq

 

A few years back my Credit union cut off my debit card for a lot of small transactions being made in the middle of the night. Imagine my suprise when i couldn't use it to get a cup of coffee at 2 in the morning on a midnight shift. Got it all straightened out luckily.

 

I'm the last one to use credit. Completely hate credit cards. However; if you have the willpower to pay them off at the end of the month, it's far better to purchase everything one credit card, and pay it off at the end of the month. Should someone get a hold your credit card information, they will not be touching your bank account. As with the debit card, you are protected by Reg E. The difference is that a stolen debit card could result in you losing immediate access to your personal funds. Whereas losing your credit card number only reflects on your future balance of your credit card.

My dad does this month in and month out. He never carries a balance. The other day he asked me why his credit score which was in the 800's has dropped. I told him it's because he does not use the credit in the manner that the credit card companies expect you to operate.

For me, putting everything on a credit card each and every month is a recipe for disaster.

 

I've luckily paid off my student loan from college with illegal house party $.

I don't feel bad about it either.