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by lxgr 1242 days ago
That‘s really no longer true for most debit cards these days. Issuers can process disputes for debit and credit cards in the exact same way (at least for transactions on Visa and Mastercard, i.e. practically for all online payments).

Higher tier credit cards often have additional insurance that goes beyond what the chargeback mechanism is designed for, though, but for fraud, you shouldn’t need these.
2 comments
9WwFaLaTtBDaoS 1242 days ago
It kind of kills me how badly understood this is in /r/personalfinance.

I think something like 85%+ of banks now offer next day refund of fraudulent charges from debit card charges. But that statistic is kind of meaningless in that, if your bank offers it, there's not a lot of extra protection a CC card grants you unless there's a specific value-add to the card that is meant to retain you as a customer.

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psychphysic 1242 days ago
The biggest issue is that with a debit card you don't get that spending power back during the process.

And if it's international dispute raised after 14 days you might get no where.

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lxgr 1242 days ago
> with a debit card you don't get that spending power back during the process.

At least for consumer debit cards, that's not the case. Regulation E requires provisional credits (until the investigation and/or chargeback process is complete) in essentially all instances of fraud.

> And if it's international dispute raised after 14 days you might get no where.

Where do you get that number from?

At least in the US, federal law limits liability for lost and stolen cards to $50 (when reported within two business days) or $500 (within 60 days after receiving your statement). For non-lost/stolen cards, which covers all online fraud (due to stolen card numbers, compromised merchants etc.), there is no such time limit, as far as I know.

And these are just the legal caps on consumer liability: Most issuers go far above and beyond that, and extend zero liability for effectively all scenarios, just like for credit cards.

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psychphysic 1240 days ago
You know I've no idea where I got 14 days from. But I'm not US based and the last time I disputed something was in the EU at the start of the pandemic.

I'm probably entirely wrong!

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