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Debit Cards

Over half (58.2%) of all card transactions are now paid with debit cards.  According to the Nilson Report, credit cards account for 41.8%.  Of all card dollars spent, over 38% come from debit cards.  This is a significant rise of 26% from 2002.

Remember that debit cards and credit cards protections vary somewhat.  If you experience card fraud…

• Credit cards face a $50 maximum liability, regardless of when the card is reported lost or stolen.
• Debit cards face a $50 maximum liability, if reported within 48 hours.  However, if the lost debit card is reported 2 to 60 days after wards, you the card holder can be held accountable up to $500 for any fraudulent charges.  After 60 days, you can face unlimited losses.

See the complete article, “Debit Cards Overtake Credit Cards”, dated August 6, 2009 at http://www.wsj.com (the Wall Street Journal).

August 9, 2009 - Posted by Bill Wyler | Economy