> One thing I cant stop thinking about is... aren‘t credit cards incredibly insecure?
Yes but by and large the fraud isn’t your burden, it’s the banks. So you can push the onus of security on them. Getting a new card to replace your compromised one is quick and easy, and you can do things like lock the card from use from banking mobile apps.
The banks also do some analysis for fraud prevention. If you spent $5 in Ohio and an hour later in Mumbai they’d know it’s fraud b/c you can’t travel there that fast. Or if you never buy jewelry and try to buy some your card may be declined even if it’s a legit purchase.
But overall specifically in the case of credit cards I’ve found that I just don’t care about the security and it’s up to the issuing institution to figure out. Debit cards on the other hand are much more sensitive because it may take time to get cash back and you may have to fight the bank a little bit to prove you didn’t make a withdrawal. Meanwhile maybe you miss a car payment because your account was emptied.
Long story short, always always always* use a credit card for day-to-day purchases, if not for the cash back or points but for the security as well.
* obviously there are times where using a debit card makes sense but they are rare and specific.
Yes but by and large the fraud isn’t your burden, it’s the banks. So you can push the onus of security on them. Getting a new card to replace your compromised one is quick and easy, and you can do things like lock the card from use from banking mobile apps.
The banks also do some analysis for fraud prevention. If you spent $5 in Ohio and an hour later in Mumbai they’d know it’s fraud b/c you can’t travel there that fast. Or if you never buy jewelry and try to buy some your card may be declined even if it’s a legit purchase.
But overall specifically in the case of credit cards I’ve found that I just don’t care about the security and it’s up to the issuing institution to figure out. Debit cards on the other hand are much more sensitive because it may take time to get cash back and you may have to fight the bank a little bit to prove you didn’t make a withdrawal. Meanwhile maybe you miss a car payment because your account was emptied.
Long story short, always always always* use a credit card for day-to-day purchases, if not for the cash back or points but for the security as well.
* obviously there are times where using a debit card makes sense but they are rare and specific.